New York Personal Injury Lawyers Consider Structured Settlements As Bedrock For Personal Injury Victims

Last year, a research study concluded that there is likely to be a 2% increase in the growth rate of businesses for personal injury lawyers.

 A key reason cited is that in an aging population, “slip and fall” accidents are expected to rise.

Moreover, in cities like New York personal injury lawyers believe auto injury cases will rise as well. This is based on the premise that both the frequency of the claims and claim amounts are climbing upwards.

 How does this entire scenario augur for plaintiffs to get claims in the future?

An accident attorney New York and elsewhere generally believes that negotiation of structured settlements can be the answer. Even today, this is a growing trend in the legal industry.

What is a structured settlement?

Whenever a personal injury case is settled in favor of the plaintiff for a large sum of money, the defendant along with the petitioner’s lawyer in association with a financial planner will propose paying in installments over time.

Such a system of payment is called a “structured settlement.”

According to New York personal injury lawyers, structured settlements benefit both the insurers and plaintiffs.

 It is zero expense and tax free to the carrier, and customized to fit the needs of the claimant.

The question often asked is when do structured settlements become appropriate?

As per some prominent insurance companies, claims for structured settlements are most valid when the claims exceed $50,000 and involve personal injury.

The suitability of structured settlements also depends on the type of injury. For example, a brain injury can cause long-term disability for the victim.

In short, personal injury lawyers must focus on those cases where the demand includes future damages.

According to the National Structured Settlements Trade Association (NSSTA), the federal code regulates how these settlements are established. In any case, both the insurers and claimants benefit.

Advantages to the claimants and insurers

For claimants, financial security and guaranteed income are two key benefits. Besides, claimants also get options on how settlements can be given.

Insurers benefit as they do not have to add the resource allocated loss adjustment expense (ALAE).

As per an Accident attorney New York and elsewhere, a structured settlement is matchless in features as a tax free source of income for the bodily injured claimant.

In addition, most attorney offices inform that most structured settlement companies provide free services to their clients.

So, it is advantageous all the way for claimants. Not surprisingly, accident attorneys go to great lengths to explain specific tax provisions that encourage the use of structured annuities.

New York personal injury lawyers, today, have more than one reason to push structured settlements in their claims cases. Quicker case closures lead to better efficiency and fewer reserve problems translate into better legal protections.

In a volatile economy, it is imperative than an injured person must get financial security. With all the optimism, we can presume that insurance companies that issue structured settlements are financially strong and maintain a good rating by independent rating agencies.