Should I Take Structured Payments or a Lump Sum after a Colorado Motorcycle Accident?

 

Structured Settlement Payments
A structured settlement allows for you and your family to receive tax-free payments at regular intervals throughout a specified period of time. This can be advantageous for many families, as it gives you security and a way to budget your finances easier, without shouldering a tax burden. If you have large amounts of medical bills now, however, this may not give you the income you need to pay those expenses.

 

Lump Sum Payments

A lump sum payment is exactly that—a lump sum amount of money that you can do whatever you want with, whenever you want it. This can be advantageous for injured victims who have large amounts of medical expenses now. It can also be beneficial for financially savvy individuals who could invest this lump sum wisely.

 

The disadvantage to a lump sum payment is that you may find the money gone even though your injuries and medical bills still remain. In addition, there may be taxes associated with lump sum settlements.

 

Before you decide how to accept your personal injury settlement payments, it is best to discuss your situation with an experienced Colorado motorcycle accident lawyer. Your lawyer will be able to review your financial situation and your injuries to help you determine if a structured settlement is best for you. Tax-free structured annuities may be the best way to protect your settlement money, while still ensuring that you have enough money to handle your injuries and medical expenses.

 

Colorado Motorcycle Accident Attorneys

Reisch Law Firm DenverIf you or someone you love is injured in a motorcycle accident anywhere in the State of Colorado, it is important to have an experienced attorney on your side. At Reisch Law Firm, our motorcycle crash lawyers have successfully represented motorcyclists who have been injured by negligent drivers. We will fight the tough fight, so you can focus on your recovery.

 

Call the Westminster motorcycle accident attorneys at Reisch Law Firm today at 1-303-291-0555 for a FREE initial consultation.

The personal injury attorneys at Reisch Law Firm have successfully represented injured individuals and their families in Westminster, Arvada, Boulder, Commerce City, Northglenn, Broomfield, Berkley, Wheat Ridge, Brighton, Thornton, Denver, Lakewood, and throughout the State of Colorado.