NY Injury Settlements: Take a Lump Sum or Pay Out Over Time?

In a medical malpractice case in New York that settles for $1,000,000 why would the injured victim choose to take a lump sum amount 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 attorneys 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 now on the other hand you also have the ability to take that money or to take some of that money and put it into something called a structured settlement a structured settlement is a way for you to take some or all of your money and have it payable 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 for you years down the road and will be available for you to do different 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 reasons one is that the person who’s getting the money might be financially savvy and have a clearer idea of how they want to invest that money and they think they might be able to do it in a better way and more profitable way then if they were to put it in the form of an annuity in the 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 or family members now that they’ve 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 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 of different options that occur when you settle a medical not practice 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 of that verdict 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 particular 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 I do every single day and I’d love to talk to you you can reach me at