A structured settlement is a large settlement that may be paid over the course of several years rather than being paid in one large lump sum. If you win a settlement in a Florida personal injury lawsuit, your payments may be structured so that you get paid monthly, annually, or receive a large settlement periodically. It is left to the discretion of the parties involved to determine the frequency and amount of the payments.
Structured settlements have certain advantages. For example, you may avoid the high taxes. A structured settlement can also ensure that an injury victim does not spend his or her recovery money at one time; since the payments are spread out, they can help the victim pay for his or her medical treatments and for future care.
The disadvantage of choosing a structured settlement is that you may be unable to pay off your medical expenses as quickly as you would like, because the money comes in smaller installments.