How much is an arm worth? An eye? How about two legs and hearing in one ear? When you’re a victim of an accident, high medical costs and a lifetime of hardship can warrant high payouts.
Private injury arbitration usually come about due to the negligence of someone against you or an associated party. This negligence often results in some form of injury that not only leads to difficulties in daily functions, but also have associated costs such as hospital bills, auto or home repairs, legal fees, and more. One of the reasons for high payout importance is that those fees can add up if you’re out of work and have no income for some time. While it may seem like a broken arm is no big deal, it can put you out of work for longer than you imagine and insurance may not give you as much assistance as you’d hoped.
A high payout is crucial for continuing standard of living during hardship, punishing negligence from the offender, and making sure your costs are covered. Unfortunately, sometimes associated costs also include funerary costs which can average at least $10,000. Depending on the victim’s will for end-of-life rites if applicable, just the burial process can average $7,500 costs, with cremation options not offering much respite and following close behind.
Getting A High Payout
The biggest factor that determines the value of a case is your injury. Certain injuries are worth more than others. Basically, an insurance company will assign more money to your pain and suffering damages for certain injuries. For example, a whiplash case can settle for under $25,000, where broken bones due to a slip and fall accident and negligent hotel or business behavior can easily lead to million dollar settlements. If your injury results in the need for surgery, long time periods off work, long hospital stays, and severe property damage, there’s a good chance you have an optimal case for a high payout. In cases of personal injury, when the resolution occurs, there are several options for the settlement. Two of these options include a structured settlement or a lump sum payout. Both options have advantages and disadvantages, and the right choice entirely depends on the plaintiff’s specific circumstances and their confidence in their money management abilities, leading the choice of an experienced attorney to be crucial. Heneghan Law is an experienced law firm proudly boasting million dollar results for private injury cases. Our high payouts help our clients live their best lives through difficult times while ensuring those who have done them harm pay their share for damages. You can trust our expertise with your life and property for all cases from automobile and trucking accidents to slips, falls, dog bites, dram shop cases, product liability, and more!
A structured settlement is a money management tool for parties that receive settlement payouts from personal injury, workers’ compensation, or wrongful death lawsuits. Structured settlements entail the defendant or their insurance company paying the sum of the settlement in to a fund. The administrators of the fund are then responsible for disbursing the payments to the plaintiff according to a pre-determined payment schedule over a set period of time. One the other hand, a lump sum payout is when, at the conclusion of settlement negotiations, the defendant or their insurer issues a check to the plaintiff in an agreed-upon amount. Once the check is cashed or deposited, the settlement is over. Both situations revolve around how the payout is delivered, but what’s also important to remember is that money from personal injury cases is generally not taxable, but the earnings from investments made with settlement money would be. Structured settlements can help one avoid additional taxes and better budget their money.