Those who have received a personal injury settlement must take special care to protect those assets. Personal injury settlement planning is a comprehensive array of legal services that focuses on the individual’s needs, as well as his or her family’s needs and possible future medical needs. Managing funds recovered from a personal injury settlement is crucial, particularly when the injuries which prompted the settlement are still present and can be expected to require care for a significant length of time. If eligibility for public benefits are an issue, then your personal injury settlement planning attorney will help you ensure your settlement will both enhance your life now, while maintaining your public benefit eligibility. Some of the issues you may need to deal with include:
- Creating a structure to manage recovered funds
- Identifying appropriate trustees
- Determining Medicare Conditional payments and set-aside arrangements
- Considering Medicaid liens and qualified settlement funds
- Having a special needs trust prepared
- Preserving public benefits in light of the personal injury settlement
- Receiving counseling on settlement structures
- Considering guardianships and conservatorships
- Reducing taxes associated with your personal injury settlement
- Establishing a decedent’s estate in probate court prior to pursuing litigation
- Determining whether guardian ad litem services are appropriate
The ultimate goal is to help your personal injury settlement last for your lifetime, whether your injuries are mild or severe. You may also suffer from pain and suffering, or even physical injuries which can require long-term medical treatment. The award from your settlement will be dependent on what level of injuries you sustained and the type of accident you were involved in. Individual states sometimes place a cap on personal injury settlements so a victim cannot ask for an unreasonable compensation amount. Whatever settlement you receive, the settlement can be included in your personal estate plan. Once all the legal nuances are properly handled, and it is determined that your estate plan is legally sound, your settlement could well be one of the greatest assets you leave to your heirs, and a well-documented plan will always help clarify the distribution.
Remember that changes in life come unexpectedly—and quickly—and that life is uncertain at best. When an accident results in a serious injury, it can be an opportunity to re-evaluate what you would like to leave behind for your loved ones. By making arrangements that include the details of your settlement, no room will be left for confusion of any type.
Contact Our Denver Settlement Planning Lawyers Today
If you or someone you love has questions regarding disability or settlement planning, elder law, public administration or fiduciary services, we can help. Contact the attorneys at Frazer-Abel Law, LLC today for a consultation and review by calling 720-638-1465, or by filling out the contact form on this page. We can answer your questions and help protect you or your loved one’s estate.