26 May Personal Injury Settlement Offers: 6 Things to Consider (Pt. 3)
In conclusion to our three-part blog Personal Injury Settlement Offers: 6 Things to Consider, here are some final issues that need to be carefully contemplated when deciding whether to accept (or reject) personal injury settlement offers.
5. Does the personal injury settlement offer cover or account for my future tax obligations?
The amount of a personal injury settlement offer is not necessarily the sum of money that an injured person will end up with, as that individual will have to pay taxes on the settlement. How taxes are applied to this compensation, however, will depend on a number of different factors (including – but not limited to – whether the settlement will come in the form of a structured annuity or a lump-sum payment).
As a result, some of things that need to be judiciously considered are how taxes may affect the overall settlement amount and whether the offer includes contingencies or stipulations that account for the pertinent tax issues. If not, making a counteroffer or rejecting the settlement offer may be the best move for the injured person. With this consideration, it’s important to discuss the relevant tax issues with an attorney who is experienced at handling these issues.
6. Am I ready to resolve my case and move forward with my life?
Ultimately, accepting a personal injury settlement offer can resolve a case more quickly than a trial, and injured people who may be ready to move on with their lives should decide whether they can deal with their case pending for months or potentially even years into the future. If settlement offers are reasonable and injured people want to close the door on the traumatic incident that led to their injuries, accepting an offer may be their best option.
Phoenix Personal Injury Lawyers at the Law Office of Richard Langerman
You have a choice in the lawyer you hire to handle your claim, and the choice you make can affect the compensation you receive. Make sure that your lawyer has the ability and experience to handle your case. If you have suffered from any type of personal injury and suspect that another party’s negligence or recklessness may be to blame, the Phoenix personal injury lawyers at the Law Office of Richard Langerman will fight to help you obtain the highest possible settlement so you can focus on your recovery and future.
For more than 25 years, our attorneys have been representing clients and aggressively advocating their rights both inside and outside of the courtroom against defense attorneys, corporate lawyers and insurance company agents alike. We have a proven record of successfully resolving variouts types of personal injury cases, including (but not limited to) those involving motor vehicle accidents, product liability claims, insurance bad faith and wrongful death.
Let’s Discuss about Your Case – Contact Us
Call us today at (602) 240-5525 to learn more about your rights and receive professional advice regarding your case by setting up a free, no obligations initial consult with our trusted attorneys.