Many attorneys still believe that a settlement planning firm is useful only when their clients are interested in structuring their settlement. However, there is a vast range of planning opportunities available to plaintiffs, and knowing about them can ensure your client’s long-term financial security.
Some of these financial planning tools might include one or more of the following:
- Government benefits planning
- Medicare set-aside
- Special needs trust
- Life care plan analysis
- Domestic asset protection trust
- Structured settlement
Of course, this list is just the beginning of proper planning. A settlement expert takes a holistic look at each individual plaintiff’s needs, goals, lifestyle and financial future. After making a comprehensive assessment, they use that information to develop a settlement plan. Below are additional ways an expert planner helps plaintiffs as they navigate toward settlement.
A settlement planner can be an advocate for a plaintiff during mediation, helping to build trust between the plaintiff and the attorney. If settlement talks are already in the works, the expertise of a settlement planner may bring value in overcoming some obstacles and answering financial questions.
Wealth Management Plan Customization
The best strategy for a client may require a combination of options, taking into consideration long term risk analysis, mindfulness of future healthcare costs, and protection under a trust. Combining these methods can help a plaintiff meet his or her immediate needs while preserving a portion of the wealth for future needs.
Government Benefits Preservation
Needs-based government benefits like Medicare and Supplemental Security Income (SSI) may be affected when a plaintiff receives his or her settlement proceeds. A settlement planner can evaluate the impact a settlement will have on government benefits and develop a durable strategy to avoid disqualification.
And We Can Plan for Attorneys, Too!
Milestone recognizes that the attorneys we work with want innovative financial solutions with an eye on long-term wealth accumulation, too. We have a robust fee deferral program to help contingency-fee attorneys maximize their wealth by creating a pre-tax investment strategy.
When a settlement is in the works, expert planning is the next logical step in ensuring the compensation a plaintiff receives is beneficial for as long as possible.
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).