Reaching a payment arrangement or settlement in most cases of personal injury can be a laborious process. But once that has happened, it becomes imperative to chart out a comprehensive plan to shelter your money. What many people fail to consider in such circumstances is that there are several means by which the proceeds of a settlement can be increased, only if planned in an appropriate manner. For example, discussions have to be held on the laws pertaining to Medicaid, Medicare and ERISA. In many situations, creating a trust – Special Needs Trust or Medicare Set Aside Trust – is compulsory. Resolutions related to investment issues also need to be addressed. As do tax and property concerns, besides the assessment and execution of the finally planned settlement. And these are tricky matters for even the best of lawyers.
Making the situation even more intricate is the fact that public benefits like Medicaid and Medicare, which are provided to many injury victims these days, can be lost if not planned in advance. The loss of public benefits like these can even lead to the hasty debauchery of all proceeds received from a settlement. According to statistical data, more than ninety percent of injury victims have totally wiped out their settlement money in just half a decade. That is why it is vital to have a suitable plan in place that will stop injury victims from losing their money, all the while helping to safeguard the eligibility for public benefits. “you have exceptional needs, you need unique solutions”. Which is why, one of your foremost goals should be the the understanding of the settlement/verdict and its various complex terminologies. This makes it much easier for the you as well as your lawyers to work with issues like settlement planning and taxation, preservation of public benefits and lien resolutions. This, in turn, assists you in developing better approaches that make the best use of you recovery, while guarding it from dissipation. Therefore, it would be in the best interests of any injury victim not to misjudge the value of a skilled settlement planner in ensuring they get a beneficial settlement plan.