Do I need a lawyer, if I want to get a large lump sum of my structured settlement?

Asked on January 13, 2013 under Personal Injury, New Jersey


FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

It all depends upon the facts of your personal injury and how the lump sum is allocated as part of your damages whether you need an attorney or not. Note, if the settlement is for pain and suffering, the money received is not taxed. If the money is for lost wages, the money is subject to reporting to the state and the Internal Revenue Service as being subject to tax.

I suggest that you may want to consult with an attorney experienced in personal injury matters as to the best way to structure and define your settlement before you sign the final documents as to the settlement. It should not hurt.

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

There is no "need" for a lawyer  in a legal sense--the law allows a person to represent him- or herself. However, an experienced attorney will greatly increasse your odds of coming to a successful or desirable outcome. If you are talking about a "large" lump sum, it is worthwhile  to invest in an attorney to maximize what you can recover.

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