In Massachusetts, it is permissible to seek damages if you suffer injuries in an accident caused by the carelessness of some other person or business.
The best way to ensure you get everything to which you are entitled after an injury or accident and that your rights are thoroughly exercised and disclosed to you is to hire Boston personal injury attorneys.
A lump sum payment is frequently made to the plaintiff as part of the accident settlement, which is provided to assist the injured party with paying medical expenses and other aspects of their financial recovery from their injury. A lump sum is one payment of money instead of several smaller ones.
However, there are instances where a structured settlement may be provided for various causes. A structured settlement is a plan for someone to receive compensation for injuries-related damages to settle an injury claim, just like a regular injury case settlement.
What Are the Key Distinctions Between a Structured Settlement and a Typical Injury Settlement in Massachusetts?
Time is the fundamental criterion that separates a structured payment from a lump sum settlement.
The settlement sum should nonetheless be reasonable and sufficient in terms of the law. The only distinction is whether the aggrieved party obtains the compensation in one lump sum or over the course of a series of installments according to a predetermined schedule. Additionally, because the structure agreement calls for the accrual and payment of interest over time, the sum of all the structured payments will exceed what the injured party would have received had they chosen a lump sum payment.
Massachusetts Structured Settlements involving Minor Children.
For resolving a wrongful death or damage lawsuit involving minor, structured settlements are frequently used. The tax-free payments make it possible for the settlement money to grow and remain secure as the child develops because they are distributed gradually and on a plan rather than all at once.
In general, when children are involved, settlement agreements are more complex. In Massachusetts, minors cannot voluntarily sign a release of liability or a settlement agreement.
One benefit of a structured settlement for a kid is the possibility to tailor the amount of money available to the child’s requirements. When the agreement is for a bigger sum of money, structured agreements are more typical. Structured settlements typically involve payments that are dispersed over several years, with all the payment dates fixed at the time the agreement was signed.
