The role of a settlement planner is part law and part finance. While a traditional structured settlement may work for some individuals, it is not always the best choice. Oftentimes, someone’s particular situation requires a wealth management account, a special needs trust, an equity backed structure, or something else entirely. There are many options. The legal, tax, and financial frameworks are complicated. And without a proper professional to provide settlement consulting and walk a client through the process, the results can be disastrous.
If you’re receiving a personal injury settlement, please know that many wealth advisors are not settlement planners. Although their services may seem similar, wealth advisors do not have an expertise in planning around personal injury claims. There very well may be a point of tax law, investment option, or other factors they have not yet had the opportunity to dive into. For instance, many wealth advisors do not know that you can grow a wealth management account tax free, within an equity backed structure.
Before making any decisions, especially with a larger settlement, I encourage you to ask your wealth advisor what sort of experience they have with planning around personal injury claims. If their response is “minimal,” have them contact us, or feel free to contact us directly. We can help and even work with your existing advisor to ensure you end up with a customized outcome that is most advantageous to you. If you are an attorney who has earned a personal injury settlement for your client, please proceed with care. We’ve all received that tragic phone call from a client who did not make the most of their compensation. Sometimes you fight for years to ensure that person received his or her just award. In less time than you fought for justice, that money can be gone. Comprehensive settlement consulting can rectify this wrong. With proper advice and guidance, every individual can make the most of their settlement and, in doing so, make the most of their life.
