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A structured settlement is a large amount of money awarded to an individual with a specific payout schedule. The funds are disbursed over a period of time rather than given in one large amount to help the recipient pay for living expenses and monthly bills if the award was made through litigation.
Structured settlements can be generated from lottery payouts, insurance awards or inherited annuities from a family estate. The bottom line is that a structured settlement is a monthly income stream that continues throughout the term of the agreement.
A Settlement Broker is an individual that can analyze the various factors of a settlement and apply best practice techniques to ensure the party receiving the settlement is receiving the best possible income stream for their immediate and future needs.
When defining a structured settlement, it is important to provide future flexibility into the agreement so that the individual will not only receive a steady income stream, but allow for future challenges and needs that can occur over the term of the agreement.
A settlement broker or financial advisor that does not have a hidden agenda would be the best advisor to choose for your settlement agreement. Unfortunately, once an individual comes into a great deal of money, a multitude of unscrupulous individuals can guide the individual in directions that may not be in their best interests. Some of these brokers or advisors might have ties to companies that would offer them referral fees or commission bonuses which may taint their perspective on giving the best advice.
In summary, the selection of a structured settlement broker is an important aspect of ensuring your current and future needs will be met over the term of the settlement agreement. Make sure you do your research before contracting with a company to assist you in designing your settlement agreement.
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