Whether it’s personal injury, workers’ compensation, or labor employment dispute cases, Synergy Settlement Services offers clients the opportunity to benefit from our unique and comprehensive settlement planning services. Whether it’s assistance with mediation or supplying our clients with long-term solutions for their settlement needs, we are here to offer our clients the support they need.
In this two-part article, we first focused on many of the immediate benefits that a settlement planner can provide for a personal injury plaintiff’s attorney and the plaintiff when it comes to “crunching numbers” during a mediation. In the second section, we will discuss the benefits of establishing a settlement management trust for injury victims during their recovery process.
Reasons Why Injury Victims Need a Trust
Injury victims and their families have a lot of serious issues to deal with even after receiving a fair settlement. As if the stresses of adapting to life with a debilitating injury aren’t enough of a challenge, the majority of plaintiffs that are the recipient of a lump sum of cash in a settlement end up squandering their fiscal total much quicker than anticipated. Having an established irrevocable trust set in place can be the perfect compromise for providing the plaintiff with the money they need in the short-term while also setting aside some assets for future use.
Benefits of Settlement Trust
There are a variety of benefits to having a settlement management trust in place instead of having the injury victim receive the full amount of money in one lump sum payment. Here are some of the main reasons why this is a beneficial system for an injured party to utilize.
- Long-Term Protection: Many times the injured party is uneducated in managing their finances and the settlement money is gone in less than 5 years. Having a settlement management trust in place that is managed by a settlement trust expert or fiduciary will prevent this from happening.
- Maximizing the Settlement Amount: The settlement planner can help build an exclusive, flexible plan that suits the injured party’s financial needs in the short-term, but also provides the right medical care for the injured party in the future and maximizes their settlement amount.
- Covering the Details: With the right settlement management trust in place, the trustee can handle intricate details like seamlessly integrating structured settlements into the trust, preparing tax returns for the injured party, or helping them obtain government benefits that can help preserve the settlement amount for future use as well.
For more information or to schedule a consultation, please contact us today.
Disclaimer: The information contained in this article is for general educational information only. This information does not constitute legal advice, is not intended to constitute legal advice, nor should it be relied upon as legal advice for your specific factual pattern or situation.