Settlement Planning
Receiving a personal injury settlement can be a huge relief, but without a plan in place to manage it, you may jeopardize eligibility for critical government benefits like Medicaid and Supplemental Security Income (SSI). Whether you are anticipating a large settlement in the near future or you have already received one, I can help you figure out how to best manage and protect these funds.
What Does Settlement Planning Look Like?
Protecting government benefits: we’ll work through strategies that can allow you to keep receiving government benefits that have strict income and asset limits, such as creating a Special Needs Trust or ABLE account.
Choosing the right trust and investments: depending on the amount and conditions of the settlement, the age of the person receiving it, and the level of support they will need in the future, I can offer guidance and coordination with other professionals (such as a Special Needs Attorney) to help design and implement a settlement award.
Tax planning: some portions of settlement money are tax-free, but other parts may be taxable. This also may change depending on whether you receive a structured settlement (which I can provide) or a lump sum. We can work to structure payments and investments in consideration taxes and your future needs.
Long-term management: if these funds will be needed to help provide for long-term care, it’s important to make sure there are strategies in place to manage them wisely. Investment strategies can help safeguard settlement funds in order to meet the needs of your loved one over their lifetime.
