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Many options exist regarding what one can do with settlement monies that are received as a result of a personal injury or wrongful death lawsuit. Talking with a settlement planner can help you decide which option is best for any given situation.

A settlement planner is a financial professional whose focus revolves solely around financial decisions made at the time of settlement. They look at a plaintiff’s financial circumstances and goals and examine them as a whole, with personal situations taken into consideration. This holistic approach allows the planner to find the best settlement plan for the plaintiff, given his or her unique situation, financial literacy, current and future medical needs, and current finances. The goal of a settlement planner is to not only help with the plaintiff’s immediate financial and personal needs, but also to protect his or her financial future. A settlement planner must examine the plaintiff’s whole situation to best create a plan. This plan can include a combination of any of the following elements:

  • Tax-free settlement designs
  • Liquid investments
  • Long-term investments

These different elements are then set in place to work together to best serve the plaintiff in his or her current situation and to meet future needs.

Settlement planners also consider the plaintiff’s current eligibility for different government benefits when working with them to determine the best course of action. A settlement planner can suggest settlement planning options that help maintain the plaintiff’s eligibility for the programs they rely on.

The goal of a settlement planner is to work alongside a trial lawyer, in the best interest of the plaintiff. Settlement is a time filled with unknowns, coming off of what was likely the most traumatic experience in a plaintiff’s life. So in addition to being a resource for financial and procedural knowledge, settlement planners must also understand their responsibility as a type of emotional support during this time in a plaintiff’s life.

If a plaintiff or trial lawyer has concerns about choosing the best settlement plan, a structured settlement consultant is a valuable resource. They can help with the planning process and direct both the trial lawyer and the plaintiff on the best option for everyone’s current and future financial security.

Milestone has consultants to help guide and tailor the best solution for settlement planning. Contact us today for more information.