Securing the best future for the client is always a priority for an attorney in a personal injury case. Depending on the amount, it may be in the client’s best interest to have a structured settlement annuity instead of a lump sum payment. A structured annuity often works in your client’s favor because it is difficult for clients to budget their own expenses over time when other expenses come up. Working with a structured settlement broker (structured broker) or settlement planner can help you provide the best service and settlement for your client and their future needs.
Both structured brokers and settlement planners are experienced professionals with skills that can help you give your client a smoother experience during a potentially difficult time in their life.
A structured broker has experience arranging structured settlements for clients. Before your client’s settlement agreement is finalized, the decision to structure must be made. The structured settlement broker will secure the settlement through a third party, often an insurance company that purchases the structured settlement annuity. The broker can also walk you through the tax implications and best options for your client.
Something to be aware of is that the claimants may hire their own structured broker who will not have your client’s best interests in mind. It’s best to work with someone you choose so your client isn’t stuck with the defense’s choice.
Settlement planners can help early on in the case so attorneys can focus on building a case and supporting their clients. They will take into account the treatment plan, outstanding liens, bankruptcy concerns, and potential assistance from government programs, before making a recommendation for a settlement strategy that will best fit the client. As an additional advocate for your client, a settlement planner can maximize the settlement.
It may be that a structured settlement is not the best option for the client, in that case, the settlement planner can make a recommendation like a special needs trust or a pooled trust. The settlement planner will clearly detail their options, saving you time and allowing you to focus on other important tasks for the settlement.
Choosing the right structured broker or settlement planner can save you time and give your client the best experience possible. Most trial attorneys aren’t experienced in arranging structured settlement annuities, having an experienced settlement professional involved in the case can reduce liability.
A structured settlement broker or settlement planner can arrange structured settlement annuities for large sums or smaller settlements. Synergy Settlement Services has worked on a number of cases of greatly varying values, some of which have been around $15,000.
For more information about setting up a structured annuity or to schedule a consultation, please submit our contact request form.
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.