NY Injury Settlements: Take a Lump Sum or Pay Out Over Time?
In a medical malpractice case in New York that settles for $1 million dollars, why would the injured victim choose to take a lump sum of money rather than having a structured payout over many years? Would you like to learn the answer? Come join me as I share with you this great information. Hi. I’m Gerry Oginski. I’m a New York medical malpractice and personal injury trial lawyer practicing law here in the state of New York. So now, when a medical malpractice case settles the injured victim has the opportunity to take that money as a lump sum after the attorney’s fees and after the attorney’s expenses. So now once they have that lump sum they can go ahead and invest it any way they wish. They can spend it any way they wish. As an adult, you have every right to take that money which is compensation for the harms and losses you have suffered.
By the way, that money is not taxable. On the other hand, you also have the ability to take that money or to take some of that money and put it in something called a ‘structured settlement.’ A structured settlement is a way for you to take some or all of your money and have it paid out to you over the course of many, many years or the course of your lifetime. And by doing that it allows you a number of things including to get interest on that money, to guarantee that that money will be available to you years down the road and will be available for you to do certain things whether it’s to pay for college tuition, whether to pay for expenses, your housing — whatever it is that you want.
So you have that ability. But why would someone opt to take a lump sum amount rather than have it payable out over time? Well there are a couple of reasons. One is the person who is getting the money might be financially savvy and have a clear idea of how they want to invest that money. And they think they might be able to do it in a better way and a more profitable way than if they were to put it in a form of annuity, known as a structured settlement. On the other hand, somebody may want that lump sum because they have certain expenses that they have to pay off and maybe they want to do something special for their friends and family members now that they have gotten some type of compensation.
On the other hand, there are many people who will turn around and say you know what? I want to put my money into a structured settlement because I want to guarantee that money will be available ten, twenty, thirty years down the road. So why do I share this great information with you? I share it with you just to show you a couple different options that occur when you settle a medical malpractice case here in the state of New York. And I want to share one more thing with you. That if your medical malpractice case goes to trial and a jury renders a verdict, now the first $250,000 dollars will be payable to you in a lump sum.
The remaining amount of money is required to be paid out to you over the course of time. So I throw that information out to you just to give you one more piece of information about the different options that are available. You know, I realize you’re watching this because you likely have questions or concerns about your own medical malpractice matter. Well if you’re contemplating bringing a lawsuit for your matter and it happened here in New York, what I encourage you to do is pick up the phone and call me. I can answer your legal questions. You know, this is something that I do every single day and I’d love to talk to you. You can reach me at 516-487-8207 or by email at Gerry@Oginski-law.com. That’s it for today’s quick video. I’m Gerry Oginski, have a wonderful day! are.
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