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Structured settlement brokers are also annuity brokers. Settlement brokers are professionals that are trained to assist with negotiating payments that are awarded as the result of a lawsuit or court action. These brokers should be registered with the Department of Justice, and authorized or licensed to work with an insurance company.
Structured settlements provide payments over a period of years instead of a lump sum payment. Structured settlement brokers can be beneficial to plaintiffs because the legal costs will be less than the costs involved in hiring an attorney and facing a court trial. This can also reduce the amount of time it takes to reach an agreement between parties. In addition, your settlement broker may be able to help you receive an increase or advance on your payment if an emergency need arises.
Structured settlement payments differ from other types of income when it comes to tax issues. Congress passed legislation in 1982 that makes settlement payments free from both Federal and State taxation. Lump sum settlements that are invested can be subject to taxes on any interest earned.
Structured settlement brokers should be well trained in legal issues surrounding injury or negligence cases. Business.com can help you find settlement brokers in your area to meets all of your financial needs and help you navigate the settlement process.