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We at Milestone know firsthand how the success of wealth planning and settlement management depends in part on the health of our country’s economy. The Federal Reserve cut interest rates by 25 basis points last month – its first reduction in more than a decade. While it sounds like a good thing, there are some potential drawbacks as well. The cut could mean a reprieve for many Americans’ annual percentage rate, or APR, on their credit card bills. On the other hand, the higher yield consumers have been seeing from their savings accounts could go back down. So, for those with a settlement, simply putting that lump sum of money in a savings account might not be the smartest move right now.

This is one in a long list of reasons that plaintiffs should have a comprehensive planner on their settlement team. As their cases conclude, an expert is able to take a holistic look at the person’s entire situation and what the settlement monies will mean for them and their lifestyle. 

Structured settlements have their time and place, but they are not the only answer for plaintiffs who want to ensure their settlement is beneficial for years to come. Establishing a trust or ABLE account can be more appropriate solutions when the person is trying to maintain eligibility for government benefits like Medicaid. At the end of the day, a settlement plan is not a one-size-fits-all approach. An experienced settlement planner will perform the due diligence to assess a plaintiff’s future needs and financial goals, and then use that information to develop a settlement plan.

If your case or your client’s case is concluding, give Milestone a call to find out how we can help.

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