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Wrongful Death: A structured settlement is also a common way to
compensate the family of someone whose death was the subject of a wrongful
death claim. Families may be entitled to receive a stream of tax free payments,
to replace the loss of income previously earned by the lost loved one.
Structured settlements — or structured annuities — are both
financial products and legal judgements. While they function somewhat like
private assets, they are also subject to complex regulations. Learn about the
process of being awarded a structured settlement annuity as well as the legal
protections and advantages given to structured settlement recipients through
the following pages:
Structured Settlement Payout Options: Compare and contrast the
different ways to accept a cash settlement from a lawsuit.
Government Support for Structured Settlements: Learn about how
the government uses the tax code to promote the use of structured settlements.
Structured Settlements for Minors: Read about why this type of
settlement is typically used in cases involving underage children.
Structured Settlement Pros and Cons
Structured annuities are ideally suited for many different types
of cases. However, once the terms are in place, they cannot be changed. For additional
information on how structured settlements work, payout options, or how to
access your cash award ahead of the annuity contract schedule, the Structured
Settlements FAQs page can be a beneficial resource within your search.
There are a number of advantages from receiving structured
settlement payments. When deciding on any financial investment, it is important
to understand the benefits along with the risks.
Pros of Structured Settlements
Structured settlement payments are tax-free.
In the event of the recipient’s premature death, the contract’s
designated heir can continue to receive any future guaranteed tax-free
payments.
Payments can be scheduled for almost any length of time and can
begin immediately or be deferred for as many years as requested. They can
include future lump-sum payouts or benefit increases.
Spreading out payments over time can reduce the temptation to
make large, extravagant purchases and guarantees future income. This is
especially helpful if the recipient has a medical condition that will require
long term care.
Unlike stocks, bonds and mutual funds, structured settlements are
not dependent on fluctuations of financial markets. Payments are guaranteed by
the insurance company that issued the annuity.
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