Should I Get A Cash Payment For My Mesothelioma Settlement?
You may be wondering if it makes more sense for you to get cash payment for the amount you were awarded in your mesothelioma settlement. It may make sense depending on what you want to do with the money. Getting lump sum cash for your mesothelioma structured settlement could make more sense than getting lump sum cash for most other types of annuity settlement payments. Only because of the circumstances surrounding mesothelioma patients and the fact that you need your money when you need it and sometimes, depending getting your money quickly could be the difference between life and death.
How Do I Know If I Should Get Cash Payment For My Mesothelioma Settlement
Let's take for example mesothelioma settlement in California. The average mesothelioma settlement in California is about $800, 000. The highest payout amount on record is $7 million. Would it make more sense for you to get this lump sum minus legal fees and the structured settlement fee of 10 to 15 percent of the amount of the structured lump sum amount? If the amount that's left over after you have done the math is worth it, then you should consult a lawyer to help you negotiate the terms of your structured settlement lump sum arrangement.
Also, think about what you need the money for? Would you and your family benefit for having all your cash on hand without having to wait for monthly annuity payments? Having mesothelioma means hefty medical bills that need to get paid quickly. You may need all your cash on hand to try out new treatments for mesothelioma such as Veglin which has proven have some success in clinical trials according to the Mesothelioma Research Foundation of America.
You may want your family to have all the funds at their disposal just in case your medical condition degrades to the point that they need to have access to all the funds in order to properly help you or properly support the family financially while you are ill.
If you have to get get cash payment for your mesothelioma settlement, after discussing the issue with your family, you will know it.
What Steps Should I Take To Get Cash Payment For My Mesothelioma Settlement?
Well, before you consult your attorney, do the preliminary math yourself. Sit down with your family and work out the numbers. How much is your mesothelioma settlement? How much will the fee be when the structured settlement company gets their share for giving you the lump sum payout? Do you think you will need more money than you get monthly from your mesothelioma settlement? All these questions should be answered before you even contact an attorney or financial adviser to help you through the process.
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After you do the preliminary math, then look up several structured settlement companies and get quotes from each of them. Make sure you get the quote minus the 10 to 15 percent "effective discount rate" or their fee for giving you a lump sum cash payment for your mesothelioma settlement.
Once you decide on a two or three companies, then you can contact a lawyer or financial adviser to help you with the rest of the process. Selling your mesothelioma structured settlement payment can get complicated as far as taxes are concerned so you should get a financial expert to assist you and advise you through the process.
This is not an easy decision by any means, and that's why it is important that you think it through, talk with your family, research a few structured settlement companies and talk with a qualified financial expert or professional about your case before proceeding. You want to make sure that if you decide to get cash payout for your mesothelioma settlement that it goes through smoothly and without any hiccups.