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Structured settlements are designed to provide long-term financial security for recipients, typically those who have suffered personal injuries or other losses. However, life circumstances can change, and recipients may find themselves wondering if their structured settlement can be modified. This article will explore the possibilities, limitations, and considerations involved in changing a structured settlement.
These payments are usually funded through an annuity purchased by the defendant or their insurance company. Structured settlements are commonly used in cases involving:
The ability to change a structured settlement is governed by both federal and state laws:
The short answer is: In most cases, the terms of a structured settlement cannot be easily changed once it’s established. However, there are some exceptions and alternatives to consider.
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Advantages of maintaining the original settlement:
Disadvantages of changing the settlement:
The restrictions on changing structured settlements exist for several reasons:
While structured settlements are generally designed to be unchangeable, there are circumstances under which recipients can access their funds differently, primarily through selling future payments. However, this process is heavily regulated and requires careful consideration.
The decision to alter a structured settlement should not be taken lightly. It involves weighing immediate financial needs against long-term security, considering tax implications, and navigating complex legal requirements.
Ultimately, the ability to change a structured settlement is limited, but not impossible. With careful consideration and proper guidance, you can make informed decisions about whether and how to pursue changes to their settlement arrangements.
At Peachtree Financial Solutions, we’ve helped thousands of people get their money sooner by purchasing their future payments for a lump sum of cash. Selling your payments is a regulated process and we have a lot of experience with these transactions. And while every structured settlement is unique, which means every payment sale will be different, they all have the same basic six steps:
It’s all part of something we call the Peachtree Promise: our experienced, dedicated representatives listen to your goals and clearly explain your available options. We meet you where you are without judgement and work hard to help you meet your financial goals. Getting your quote is completely free, and you’re under no obligation to sell to us if you aren’t completely satisfied with what you hear.
This information is provided for educational and informational purposes only. Such information or materials do not constitute and are not intended to provide legal, accounting, or tax advice and should not be relied on in that respect. We suggest that You consult an attorney, accountant, and/or financial advisor to answer any financial or legal questions.
Peachtree Financial Solutions is here to help people from all walks of life reach their financial goals. From moving into a bigger home, to getting a more reliable car, to paying tuition, we’ve helped tens of thousands of people.
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