If you find yourself in a personal injury or medical malpractice lawsuit you will more thank likely settle upon an agreement to receive money in a lump sum or over time. This also depends on how much you will be receiving. If the settlement is a few thousand more than likely you will take the payment in one lump sum. If the payment is a few hundred thousand then you may have payments spread out over time.
It may be wise to spread payments out overtime if you know you this will help you with medical bills and having a constant income source. It is sad to say but most times you medical malpractice or personal injuries can cause long-term effects, which you will need, constant income to provide money for the monthly check ups. It is important to spread your money out because your health should be a number one priority.
Another option you could do if you are able to obtain a job and you would like to receive a lump sum of money is to invest wisely and talk with a financial advisor. This way you will not lose your money quickly and you can invest in long-term goals instead of spending impulsively.
If you want the best of both worlds with lump sums and monthly payments you can combine the two. You would then receive a lump sum down payment and then periodic payment thereafter.
Whichever way you choose to have your money set up in a settlement case you want to make sure you invest in a financial advisor to help you make the most of your money and invest wisely. The beauty of a structured settlement set up over time if you do have a significant amount and you find yourself in a financial crunch you can sell portions of the payment depending on the debt you are in.
Either way you will have plenty options in settling your money, choosing the right one that is best for you and your future definitely takes some considerable thought.
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