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Structured Settlements

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A personal injury case is a legal dispute that arises when one party suffers harm from an injury or accident, while someone else is potentially legally responsible for the harm and the injured party files a lawsuit seeking compensation for the harm. Structured settlements personal injury cases can result in periodic payments to help the injured party/recipient pay for medical expenses or any other long term costs, opposed to a single lump sum payment.  

In a lot of cases, the process of injury lawsuit settlements take place outside of a courtroom. Some cases, such as an injury case that is acknowledged by an insurance company to be at fault by their client, injury settlement is easily obtained. Most cases settled out of court require time and resources by an attorney to bring a personal injury suit to trial and the involved parties reach an agreement for how much money the plaintiff will receive as compensation. But a lawsuit must still be formally filed. Occasionally, two opposing attorneys will negotiate back and forth until the plaintiff feels an adequate settlement amount or personal injury annuity amount is received. 

Personal injury annuity payments are very flexible and can be negotiated during settlement discussions. The total value, payment schedule and other details can be adjusted to meet the needs of the plaintiff.

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Comprehensive Settlement Solutions

Structured Settlements
Quest Settlements offers expert services for structured settlements, making sure you get your money when you need it.
Attorney Fee Structures
Since 1996, we have helped attorneys to successfully structure their contingency fee payments in order to defer income and associated taxation.
Special Needs
Our experienced settlement consultants work closely with attorneys and their disabled clients to set up special needs trusts.
Medicare Set
Over the years, our settlement consultants have assisted attorneys and their clients with setting up the funding for Medicare Set Asides.
Non-Qualified Annuities
We are a top provider of non-qualified annuities, helping countless attorneys and their clients get set up with the specific structures they need.

Qualified Settlement Agreements
Our settlement consultants have decades of experience helping attorneys and their clients set up Qualified Settlement Funds.

Introduction to Structured Settlements for Personal Injuries

Negotiating a fair settlement for your injury or a client’s means negotiating the details of how compensation will be received. A lump sum payment means the injured party receives all of the settlement in one payment in structured settlement personal injury cases, which has its benefits, but some parties might receive a series of payments instead. This series of payments is referred to as a structured settlement or a personal injury annuity.

A structured settlement can be paid out from the defendant over an extended period of time – perhaps months or even years. The amount of time over which the injured party receives the settlement funds can vary in the dollar amount of payments and how often payments are made. 

Common Personal Injuries Cases

According to the U.S. Department of Justice, over 400,000 personal injury claims are made annually. The most common types of personal injury cases include:

  • Car Accidents: Car accidents can result from speeding, drunk driving, reckless driving or even being distracted by a cell phone or other people in the car. 
  • Medical Malpractice: When medical personnel causes harm to the patient 
  • Product Liability: Product liability takes place from defective products that result in injuries such as drownings, burns, falls, poisoning or other injuries. 
  • Workplace Injury: Injuries that take place in a work environment typically fall under a workplace injury. If a person falls at work, was not trained to use equipment properly or was required to use equipment or products on the job that caused injury, a valid case for personal injury annuities. 
  • Premises Liability: Unsafe or defective conditions on a person’s property can result in a premises liability claim, such as a person who falls and breaks a body part because the owner failed to issue a warning about an unstable walkway or staircase. 
  • Other: Repetitive strain injury, dental accidents and assault are also possible causes for personal injury lawsuits.
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How Do Injury Structured Settlements Work?

If a case is resolved with a personal injury annuity, the settlement fund typically goes to a third party insurance company that manages structured settlements and/or personal injury annuity cases. Rather than receiving one large amount of money from the defendant, you might receive periodic payments over the course of a fixed number of months or years. 

In order for a defendant to carry out these periodic payments, a defendant may purchase an annuity from an insurance company. This removes the obligation from the defendant’s books and transfers the responsibility over to a payment company that has experience in managing periodic payments. 

From the defendant’s perspective, some experts argue that placing the personal injury annuity with an insurance company is a much more stable and reliable way to get payments rather than relying on the financial stability and help of a defendant. 

Personal injury annuities are a sort of insurance product that ensures that a series of payments are made over time to meet the terms of the annuity. They may be paid out over the lifetime of a beneficiary or are tied to a certain amount of principal that is paid to the beneficiary or to his/her heirs until the balance is fully paid. 

A structured settlement can be negotiated to whichever terms the plaintiff likes in many cases. A large payment can be requested up front to take care of any existing medical bills and to pay for bills that resulted from missed work related to the injury. Payments can continue over time at lesser amounts as medical bills diminish over time. On the other hand, claimants may want payments to increase over time for medical bills that might grow or to compensate for other expenses, such as growing children that the claimant cannot provide for due to injury. A structured settlement can be tailored to meet your unique needs or that of your client. 

Some specific options structured settlement annuities can be designed include:

  • A large initial payment: If a person has been unemployed for a significant amount of time and his or her bills are mounting, a personal injury annuity can be created to offer a large initial payment so the injured party can pay off overdue bills, a mortgage or purchase items needed, such as a new car. Any subsequent payments can be smaller to act as a substitute for income lost. 
  • Additional amounts of money for extra expenses: Some personal injury annuities are designed to offer a yearly income and additional amounts of money to pay extraordinary expenses, such as college tuition.
  • Payments that increase over time: Structured settlements personal injury cases can also begin relatively low and end higher as they are designed to increase payments over the years.
  • Delayed payments: Some plaintiffs opt to have their personal injury structured settlement payments delayed, putting their awards off until retirement. 

Structured Settlements Personal Injury Cases Payouts

The purpose of a structured settlement/annuity is to help a person to be whole again. The primary goal is not to put the injured party in a financial position that is better than he or she was once in, but to cover any expenses he or she has incurred out of pocket as a result of the incident and to obtain funds to cover future expenses while helping them to get back to as much normalcy in life as possible. 

Predicting future payments is almost more important than tallying up the cost of expenses already received as a result of the personal injury. Treatments including chiropractic care and physical therapy can last for many years after an injury – sometimes for a lifetime. 

Some factors to keep in mind when determining a proper personal injury settlement amount include:

  • Amount of lost income
  • Accumulated medical bills
  • Length of medical treatment
  • Receiving a long-term diagnosis
  • Long-term treatment or treatment post-accident
  • Possible damages for pain and suffering for the injured party and potentially family members

In order to fully explore and pursue payment amounts and payments for a personal injury case, the help of a professional is highly recommended. Working with an attorney is invaluable for seeking the compensation you deserve in addition to helping you better understand the claims processes and how much of a settlement you might expect to receive. 

It is important to know that personal injury lawsuits are intended to protect the rights of the victim. It is imperative that victims reach out to an attorney as promptly as possible in order to be compensated. Some states have limits on how long a claimant can file a claim, such as Alabama, which has a two year time limit. If a claim is made after two years, the injured party may not be eligible to receive any financial compensation.

Contact Quest Settlements

Quest Settlements® is a leading provider of structured settlements with locations in Los Angeles, San Diego, and Nevada. Get in touch with us right now.

How Quest Can Help

Talking with an attorney in a timely manner is imperative regarding a potential structured settlements personal injury case. The experienced attorneys at Quest Settlements have helped thousands of clients and have extensive experience in structured settlements and structured settlement annuities. Reach out to our professionals today to discuss the facts of your case and to help you decide whether a structured settlement is in your best interest.