If you are pursuing a personal injury lawsuit after you or a family member was injured, you may be looking toward a substantial settlement award to pay for medical expenses and other care costs. Smart planning before the money arrives can ensure it’s as beneficial as it can be for as long as possible.
Every day at Milestone, our settlement planning experts work with people in this situation. We help them use the right available tools to set up their financial futures. Oftentimes, our clients utilize one or more of the following options.
Special Needs Trusts
A special needs trust is meant to supplement, but not replace, a disabled person’s Medicaid and SSI benefits by paying for non-covered services or equipment. Establishing this type of trust properly can remove uncertainty and ensure a person is financially protected and cared for during the course of his or her life.
An ABLE account can pay for what’s known as qualified disability expenses, which are related to the blindness or disability of the beneficiary. A QDE includes expenses for things like education, housing, and transportation. Anyone can contribute to a person’s ABLE account. In 2019, the total annual contributions that this type of account can receive is $15,000.
For more information on QDEs and using an ABLE account, click here.
Life Care Plan Analysis
When a certified planner develops a life care plan for someone with special needs, they identify needs and costs associated with the necessary care and/or rehabilitation are listed according to the going rates where that individual lives. However, they do not consider how to fund and pay for that care. A life care plan analysis takes a holistic look at the life care plan and boils it down to the bottom line for the plaintiff and his or her attorney. The analysis shows what the plan is actually worth. We provide a real-life example of the benefits of a life care plan analysis here.
When a catastrophic injury happens, life is turned upside-down. A settlement award in a personal injury suit can be very helpful, but it’s a proper settlement plan that ensures the money lasts well into the future and works in conjunction with the individual’s needs and government benefits.
A West Point graduate where he served as captain and military aviator, John Bair continues his commitment to our country through his efforts within the settlement planning industry. He has represented families of victims lost in the Flight 3407 crash, offered pro bono services to the families of 9/11 victims and drafted the first consumer protection bill for plaintiffs (H.R. 3699).