Hi, Folks. J.G. Wentworth here.
I just finished listening to a podcast from Ringer Radio – a source for some the latest news and information about structured settlements from experts in the industry – in which the host, Larry Cohen, and the show’s guest, personal injury attorney James C. Lewis, explained the reasons why a structured settlement is a smart choice when a child is injured.
According to the host and the guest, the reasons why a structured settlement, as opposed to a lump sum is the best choice for the child as well as the family in the long run, are as follows:
- Young people who receive a structured settlement are usually given access to that money when they reach the age of 18 or 21, depending on the laws in the state where they live. They might not have the insight, judgment or maturity to manage it properly if they receive it in a lump sum at the time it is awarded and when they are of a younger age – structured settlements cure that problem.
- Structured settlement payments are planned out to fit the child’s future goals as best as possible. For example, payments can be scheduled in advance for college tuition and other expenses. If the child doesn’t end up going to college, those payments will be available to the then-adult at the regularly scheduled time.
- Catastrophic injuries are expensive. Not only do children suffer the devastation of an injury, but the whole family may suffer financially. Periodic structured settlement payments can help to ensure that future medical expenses can be covered for complications that may arise.
While all of these points are valid, I couldn’t help but think about all the structured settlement payments we have purchased from people whose payments had no longer fit their needs. Life is full of variables that are impossible to predict, especially when it comes to guessing the future of a young child. Perhaps the child has overcome obstacles that originally were associated with the injury. Maybe their dreams and goals have changed, which then changes their financial needs, so that the scheduled payments might no longer fit based on their original timeframe.
If you have future structured settlement payments lined up, but you need cash now to cover unforeseen expenses, contact J.G. Wentworth today.