Planning Your Settlements Smart
If you are an injury victim, you probably know that reaching a settlement can be a long and tiresome process. But once an agreement has been reached, you must carefully plan to shelter your money.
What many people do not realize is that, with the help of a qualified settlement planner, there are many ways to increase the value of a settlement.
Factors to be considered when formulating a settlement plan
Laws that involve Medicaid, Medicare and ERISA. In many situations, creating a trust – a Special Needs Trust or a Medicare Set Aside Trust – is compulsory. Tax concerns, property concerns, and resolutions related to investment issues also need to be addressed when planning a settlement.
Further complicating matters is the fact that public benefits provided to injury victims such as Medicaid and Medicare can be lost if not planned in advance. Studies show that more than 90% of injury victims have cleaned out their settlement money in just five years.
You must therefore have a structured settlement agreement that provides just enough so you will not be tempted to overspend. Since every injury case is unique, your settlement plan must be designed to fit your needs.
Pay Attention to Detail!
Understand every detail of your case so that you can make sound decisions when faced with issues involving settlement planning, taxation, preservation of public benefits and lien resolutions.
A thorough understanding of your case combined with the services of a skilled settlement planner can make your money go a long, long way.
