Settlement Planning for Personal Injury Victims
No explanation of a claimant’s settlement options would be complete, without a corresponding discussion of the needs of that claimant.
This is where the settlement planning process begins, and this capability is what separates settlement planners from those who call themselves structured settlement brokers and simply want to sell you an annuity without regard to your needs, whether an annuity is right for your situation or not.
A competent, objective settlement planner will perform an in-depth interview with you, not only about your needs, but also your concerns, considerations, goals, dreams, desires and fears.
In short, all pertinent information affecting your life, both now and going forward.
A Settlement Planner vs. A Structured Settlement Broker
Contrast and compare the settlement planner’s approach, with that of the common structured settlement broker, whom you may have already encountered.
A Structured Settlement Broker Approach
A common scenario may go like this:
“How much is your total settlement? Let’s structure half of it, leaving the other half to pay your attorney, your legal expenses and costs, your past medical bills and liens, with a little left over for some cash in your pocket! How does that sound?”
Probably, not very good!
Unfortunately, this example is closer to reality, than it is to fiction.
Our Approach, as a Comprehensive Settlement Planner
Common settlement planning discussions include:
- Purchasing or paying off the family home
- Paying off debts, credit card balances and loans from friends and family accumulated before, during and up to the settlement of your case
- Replacing lost income and pension payments
- Providing for known and contingent future medical expenses
- Creating college plans and funds for children, creating scholarships and other legacies to honor a loved one
- Wills, guardianships, special needs trusts, and estate planning
- Umbrella liability insurance
- Purchasing or leasing a new car or van
…just to name a few.
With this type of needs-based planning, you will find it easier to understand and apply the options in receiving your settlement, to your actual circumstances.
In addition, a settlement planner has more than just one product or strategy to meet your needs.
Over and above personal injury structured settlement annuities, settlement planners also use and recommend various trust-based products and money market accounts, as well as a variety of annuities (deferred, equity-indexed, variable, etc.) and a comprehensive selection of tax, estate and Medicaid planning strategies.
To sum up, settlement planning and settlement planners offer comprehensive help, while structured settlement brokers remain the “one-trick pony.” If you are
To discuss your individual case and to find the solution that is truly RIGHT FOR YOU, please contact us.
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