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If a lump sum from a lawsuit, a lottery winning, or inheritance, is used to purchase a guaranteed lifetime income. It is referred to as a ___________.
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If a lump sum from a lawsuit, a lottery winning, or inheritance, is used to purchase a guaranteed lifetime income. It is referred to as a ___________.

User Tacaswell
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2 votes

Answer:

Structured Settlement

Step-by-step explanation:

Structure settlements are the legal settlement that come from lawsuits, inheritance or winning a lottery. It can be used to purchase a structured settlement in the form of an annuity. The annuity can be used to give guaranteed lifetime income to the annuitant. It is also called structured payout as it is meant to give a long term stream of income to fulfil the need of a claimant. Structured payments are not counted as income for tax purposes even if it used to earn interest.

User Shane Hathaway
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