Even minor personal injury accidents can cause major upsets in one's life. There are the physical damages in addition to potential emotional and psychological trauma that can take years to recover from. The goal for personal injury attorneys in Las Vegas is to help you receive the financial compensation you need to adequately face these challenges. Generally, this comes in the form of a settlement paid out by the defendants of your case.
However, whether this settlement is coming because of a pre-trial agreement or judgment from a trial won by your personal injury attorneys in Las Vegas, it’s important to know your options and best steps for how to receive and move forward with your life. Consider the following aspects of what to expect once you receive a settlement:
Choosing Between Lump and Structured Settlements
Structured settlement. This style of settlement generally provides recipients with the greatest amount of flexibility and peace of mind as they often come in the form of an annuity without the burden of being taxed. However, structured settlements require the negotiation of one regular sum that cannot be changed in later years. This can make it a frustrating payout method for individuals and families who have large outstanding debts, such as hospital or funeral fees.
Lump sum settlement. Receiving a large amount of money all at once is overwhelming. Especially for those individuals who are not accustomed to navigating tax laws and investment guidance. That said, a lump sum settlement may be in your best interest if you have a significant amount of outstanding debts or believe you can better invest the amount for higher returns.
Talking with a Financial Advisor
Your personal injury attorneys in Las Vegas will certainly assist in navigating the necessary tax and basic accounting aspects of your settlement. However, before you make the choice and as you receive your first structured settlement payment or your complete lump sum check, it is critical for you to speak with an experienced financial advisor, or tax attorney.
Choosing Personal Injury Attorneys in Las Vegas
Reputable personal injury attorneys in Las Vegas will discuss your settlement options with you long before it even comes your ways. To learn more about what to expect with a settlement, contact GGRM at 702-388-4476 for a free legal consultation.