By Jennifer Birch
Financial planning is becoming increasingly crucial to Americans. Due to the recent financial crisis, there will likely be a rising demand for financial advisors as individuals seek personalized strategies to help them achieve financial stability. For plaintiffs facing a personal injury or wrongful death, planning support is even more critical. A plaintiff settlement planning expert offers the following benefits.
Greater preparedness for settlement planning
Settlement experts assess which strategies and steps are most appropriate for each individual and develop personalized plans to help them achieve financial security after settlement. Settlement planning can be further optimized by collaborating with the plaintiff’s financial advisor, who has an extensive understanding of their unique financial situation and any existing strategies. They can be part of crafting the detailed plan for the client’s incoming settlement.
Long-term financial planning for clients
It’s important for injured plaintiffs to plan for the long term with their settlement to secure their financial future. A settlement planner can help plaintiffs achieve long-term financial stability after experiencing a personal injury, a worker’s compensation case, or wrongful death. These professionals will assess their financial needs, retirement goals, and eligibility for government programs when applicable. This expertise can help ensure settlements of any value can be maximized for as long as possible.
Increased security for settlement funds
Many settlement planning strategies also offer financial protection. For instance, injured clients may secure guaranteed, tax-exempt payments through an investment-backed structure. This planning tool allows the money to accrue over time, so injured plaintiffs can maximize their settlement dollars as the money grows in a tax-free investment account. On the other hand, domestic asset protection trusts protect claims from dissipation and catastrophic financial loss.
The settlement planning process can be overwhelming for individuals who may already be working through grief, injuries, and loss. But with the help of the right professionals, plaintiffs can seek justice, fully benefit from their settlements, and work towards a better future.