RSSAsbestos Victims and Wrongful Death Settlements
Personal Health asbestos victims, compensation claims, lung cancer, wrongful death settlements No Comments
Losing a loved one can be a very traumatic experience. However, losing a family member because of negligence can add even more emotional distress to an already bad situation. So called wrongful death settlements are often awarded in cases such as these. Other typical examples include situations where a person died because of an asbestos induced health condition, such as mesothelioma or lung cancer.
Before accepting a settlement there are some guidelines you should know that may help in your decision-making.
Structured settlements are usually offered in one of two ways, structured settlements and lump sums. A lump some this exactly how it sounds, you will receive a check for one large amount. A structured settlement on the other hand will be made in payments over time. Your lawyer will be able to help you determine which option would be the best for your situation. It is nice to get all the money up front in one large sum; however, lump sum offers are usually lower than the structured settlement. It may be wise to take the structured settlement since you will be receiving more in the long run.
Another thing to consider when receiving a wrongful death settlement is taxes. The IRS does not consider death settlements as taxable income. However, a death settlement will be included in the estate of the deceased and this money in conjunction with other assets they already own may push the value of the estate over the exempt amount. It is always wise to consult with CPAs and tax lawyers to determine taxability of the settlement.
If you accept a structured settlement and later change your mind and would rather have a lump sum, there are companies that will buy these settlements from you. These companies will offer you a cash price for your settlement payments. This will be an amount significantly under what is left of the settlement payments. They are in effect buying your long-term payments with a profit margin built-in. These may not be the best deals; however, if the money is needed immediately it may be your only option.
Receiving a wrongful death settlement can often times be a mixed blessing. Receiving a large sum of money because of the death of your loved one can be confusing to your emotions. It may be hard to enjoy this new found money because of how it was received. One thing that may be able to relieve some of the pressure is to use a portion of the proceeds to honor your loved one. This may be starting a scholarship at a local school in their name or a donation with their name attached to a local organization.