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

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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

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 11 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 11 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.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

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