You will be required to make a financial decision regarding your BP settlement award. There are 2 options to receive your BP settlement award amount:
: Structured Settlement
(Combination of Lump Sum and Periodic Payments)
: Lump Sum Only
Reduce Your Tax Burden With a Structured Settlement.
By choosing the structured settlement option, you can receive a portion of your BP settlement in cash, and the remainder in periodic payments over time. By spreading your tax liability out over time, you may save money by avoiding paying taxes at a much higher rate on a comparable lump sum award option.