A Structured Settlement Nightmare Don t Let This Happen To You.
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A Structured Settlement Nightmare: Don’t Let This Happen to You
Summary
Life can change in an instant due to accidents or medical malpractice. While you can't always prevent such incidents, you can prepare financially for the aftermath.Understanding Structured Settlements
Accidents and medical malpractice are unsettling realities that can upend your life unexpectedly. Although these events are beyond your control, the legal system offers a way to ease the burden on your future. If you’re a victim of negligence, securing an experienced attorney can lead to a structured settlement, providing periodic payments over time.
A structured settlement is often created through an annuity purchased by the defendant to fulfill the financial obligations determined in court. You might wonder why you can’t receive a lump-sum payment instead. In many states, structured settlements are encouraged to safeguard recipients from spending their compensation unwisely.
A Cautionary Tale
Consider the story of Tiffany Adams, born in 1973 in Memphis with severe brain damage reportedly caused by her doctor. Her parents won a $250,000 cash settlement. Despite their attorney's advice to invest the settlement for Tiffany's lifelong care, her parents chose to invest in the father’s business. Within a decade, the money was depleted, leaving nothing for Tiffany’s needs.
The situation worsened after her parents divorced, with no child support provided. In 1987, Tiffany suffered facial injuries from a wheelchair accident, leading to another settlement. This time, her mother wisely opted for a structured settlement, ensuring financial security without the risk of mismanagement.
Take Control of Your Financial Future
While accidents and malpractice are out of your hands, managing your settlement wisely is not. Educating yourself about structured settlements can protect your family’s future and provide peace of mind. Be proactive and informed to safeguard your financial well-being.
Discover more about structured settlements and annuities to ensure you and your loved ones are prepared.
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