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3 Important Things to Know About Personal Injury Compensation

Injuries caused by another person’s carelessness can leave the injured party feeling hopeless or frustrated. Medical bills can cause a person to spend deeply out of savings, and lost wages can leave an injured person with little financial hope. However, some of these concerns may be addressed through a civil lawsuit, and a Jacksonville injury lawyer can help you to understand your rights.

If you have sustained an injury because of someone else’s negligence, you may be entitled to financial compensation for medical bills, lost wages, and other damages related to the incident. For more information, or to secure the experienced and committed legal representation that you need, contact Jacksonville personal injury lawyer Donald Guthrie, P.A., by calling 904-296-1088.

Understanding the Treatment of Compensation

Unless an individual has been directly involved in a personal injury claim previously, the handling of a settlement or award can seem unclear. The following are three important things to know about personal injury compensation.

#1: An injury claimant’s compensation will not be taxed.

In personal injury cases involving physical suffering, compensation received by the claimant will not be taxed by the government. This non-taxable status extends to compensation for medical bills, lost wages, pain and suffering, etc. However, interest on compensation and compensation provided in the form of punitive damages will be taxed.

#2: Compensation can either come as a lump sum or structured settlement.

Depending on how the compensation payments are settled, a claimant may either receive their compensation in a single payment, known as a lump sum, or in the form of a structured settlement. The structured settlement payments are set up to provide a steady flow of compensation for a claimant, paid out at regular intervals until the total sum is covered.

#3: Structured settlements may be handed to a third party by the defendant.

As long as the claimant consents to the change, a defendant can pay off their settlement sum to a third-party. This third-party group is then considered legally responsible for providing payments as they are due. In some instances, this can benefit a claimant, as the third-party may actually prove more responsible in terms of paying on time than the actual defendant was.

Contact Us

If you have sustained an injury because of someone else’s negligence or recklessness, you may be entitled to pursue compensation. For more information regarding your options and how we may be able to help you, contact Jacksonville personal injury attorney Donald Guthrie, P.A., at 904-296-1088 today.

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