Birth Injury / Birth Defect
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Birth Injury > Structured Settlement

Structured Settlement Estimate

There are several things involved when it comes to structuring a settlement that is fair and reasonable for all parties involved in a birth defect or birth injury case. A structured settlement specialist is often charged with carrying out the negotiation process between the defendant and the plaintiff. It is the responsibility of the structured settlement specialist to design a periodic payment plan which will retain all the awarded value of the judgment in a manner that will compensate the plaintiff or claimant for the span of time they desire.

If you need a structured settlement estimate, contact a licensed structured settlement broker at Kleinick Law today!

The following steps are taken during the structured settlement process:

  • The guilty party that is being sued promises to pay future periodic payments to the victim with the entire amount of the negotiated damages in exchange for a release under a contract
  • The victim agrees to release the claim in exchange for the periodic installments promised by the defendant
  • The party who is charged with paying the settlement may assign obligation to pay future periodic payments to a third party wherein the victim agrees to look to the assignee for promised future payments

If a structured settlement is properly designed, it will be income tax free under the Internal Revenue Code. Section 104(a) (2) states that damages awarded from personal injuries are not considered to be gross income. Any kind of income derived in such a manner is not subject to income tax regardless of any other sources of income that you may have. It is important to understand the intricacies of the tax law in this regard when it comes to deciding upon which kind of settlement to request.

Structured settlements were designed and emphasized by the government in order to help offer a solution to people in certain unfortunate situations. The promise of a steady stream of income is beneficial for people who were awarded damages due to injury, considering that their short term and long term needs may require different degrees of monetary assistance. As such, a structured settlement specialist is responsible for a structuring a settlement in such a manner that it will suit both the victim’s short term needs and long term financial goals and requirements.

If you need a structured settlement estimate, contact a licensed structured settlement broker at Kleinick Law today!

 

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New York Birth Defects.com - Kleinick Law
Medical malpractice lawyers in New York specializing in medical malpractice cases involving birth injuries and birth defects.Practicing throughout New York City (NYC), Brooklyn, Bronx, Queens, Staten Island, Manhattan and the surrounding areas.

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