Workers' Compensation Discussion Forums

In structured settlements do I name the amount of money that I need prior to payments?

The money in structured settlements, is paid weekly of monthly or is this my choice?

structured settlements can be tailored and shaped to fit most any situations. totally customizable from the recipients side.
it can even include periodic lump sum payments; cost of living provisions, guarentees, etc.
as the recipient you designate how/when you want it paid. the carrier will try to fit the cost into the amount they have set aside for your claim.

1171 Can you explain that in more detail when you have time? Thank you...

sure

an annuity is an upfront lumpsum cash purchase for a specified payout plan. the payout plan has almost no limitations/restrictions other then they can't be changed once they have been contracted for and purchased.
the carrier will shop the plan to various annuity providers who will give a price to provide that payout arrangement. the lumpsum purchase price of the annuity then becomes the lumpsum settlement price the comp carrier has to pay to close out the comp claim.
the larger the payouts or the shorter the time period the more expensive the cost.
the comp carrier is the owner of the annuity so the tax burden doesn't fall on the worker.
if the third party annuity provider goes bankrupt or can't make the payments the original comp carrier has to step in and make good on the contract (or purchase another)
structured settlements are generally more economically generous for the injured when interest rates are very high. another advantage might be be for someone who's not likely to be able to manage a large amount of money well for their long term needs.
they can be time consuming to negotiate and are generally used for very large settlements.

basicaly the carrier subcontracts out their future payments. they get a fixed price now and close their case while the worker gets known & scheduled regular $$ later. the annuity provider generally makes payments to the worker who is responsible for payments to any other providers -medical or otherwise.

And we all thank you for that 1171...

1171, I was wondering if you could PM me here at the Board, I then will return the PM with some information I'm seaking, and I think your the one that will or might have the answer. If and only if, I think, and you think, it should be made into a Thread, I will follow through and do so at such point.

in a structured agreement might I choose the amount of the initial upfront payment for example. My settlement is $10,000. I ask for $5000.00 in advance in a structure settlement is this possible?

Are they really talking about doing a structure for only 10K?
I don't see the point.
50% of a structure up front would only leave 5K for payments.
this is not any kind of a "structure" I'm familiar with. the amounts are too low.
that's only about 5 months of payments--just the appovals and paperwork may take that long.......
sounds like just a fixed number of computerized periodic payments from the carrier - little different then any impairment award over time. not a formal 3rd party "structured" contract as I know it.
if so, you may not have any options at all.

PM'd you...