All people are vulnerable to personal injuries that result from another’s negligence. Unfortunately, the victims of these events may require planning to protect themselves against overspending or to preserve benefits they may receive, and thus maximize personal injury settlements or awards. This planning is even more critical when a person has special needs or is the subject of guardianship.
A knowledgeable attorney could provide Virginia Beach personal injury settlement consulting. A legal representative could work to evaluate how a potential personal injury settlement will impact a person’s finances, interacts with established estate plans, whether funds will need to go to the government, lienholders, or other third parties, and what public benefits may be jeopardized as a result.
Protecting Public Benefits Post-Settlement or Award
It is an unfortunate fact that people that experience a personal injury may have suffered a disabled as a result. Additionally, some victims may have had special needs prior to an accident. While it is important to seek compensation for their losses, the impact of receiving funds must be carefully assessed.
The first step in personal injury settlement consulting is for an attorney in Virginia Beach to assess a client’s income, resources, and health and insurance needs. This helps determine what type of settlement tools may be necessary. Specifically, when accident victims are receiving Social Security, Medicare, or Medicaid benefits, special considerations must be made to ensure these income and insurance sources are maintained. We often look to Settlement Protection Trusts, Special Needs Trusts, and Medicare Set-Asides to develop a plan that protects a settlement award or verdict, while keeping these important benefits in place. Even more beneficial, we assist with advising on what additional benefits may be available and counsel families regarding how these tools operate.
A Need for Surrogate-Decision Makers
Many times, a victim of an accident is unable to navigate the complexities involved with litigation and must rely upon the assistance of others. If the client has capacity, then a power of attorney may suffice, however, there may be a need to have a guardian appointed.
Similarly, many people are unfamiliar with handling large sums of money. In fact, the majority of people that receive a sizable windfall have spent it all within a few years. This is usually the result of overspending and bad investments. By utilizing a trust, personal injury victims can receive professional advice and fiduciary services to ensure the money remains for years down the road to enhance an injured party’s quality of life.
Bringing a Virginia Beach settlement planning lawyer into a personal injury, medical malpractice, or wrongful death case early (i.e. before a settlement or verdict is received) allows the attorney to become acquainted with the client’s personal situation and investigate available options, and properly advice clients, and their counsel, along the way as it pertains to issues associated with benefits and resolution.
Contact an Attorney Today to Learn More About Virginia Beach Personal Injury Settlement Consulting
Personal injury attorneys rely on a team to address various issues associated with a case. A personal injury settlement consultant is another member of the team that not only helps build a case and assess options available to promote stability during a case, but to also prevent disastrous results that detrimentally impact an injured party’s benefits.
An attorney is ready to assist with Virginia Beach personal injury settlement consulting. A lawyer can evaluate estate planning options, review guardianships when necessary, address what public benefits may be available to provide income and health care during pendency of litigation and how to establish eligibility, provide advice related to whether a trust is needed once funds are received, and determine who can serve as an appropriate fiduciary. Reach out now to discuss a case.