Periodic Payment Act
Structured Settlements were created by a Congressional bi-partisan coalition. This group created and passed legislation that changed the tax code. As in many arena’s, the best way to get people to move in the direction you want them to is by providing adequate financial motivation to do so. The judicial process can provide justice to victims in the form of compensatory damages. However, after those monies are awarded, who protects and ensures the money will be consistently available to best meet the needs of the victim? With regular payments the exposure of something going wrong is greatly reduced.
Points of Interest
To read an updated law in the I.R.S. tax code dealing with structured settlements, visit the official Internal Revenue Service website.
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