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AND REAL ESTATE LAWYER

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Is Settlement Planning Right for You?

Is Settlement Planning Right for You?

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Settlement planning helps Illinois residents who have already received or are expecting to receive a large settlement meet their immediate needs, preserve benefits, and maintain their wealth to take care of future expenses.

What Is Settlement Planning?

Settlement planning helps people preserve the funds received through a personal injury judgment or settlement or via inheritance. This multi-disciplinary approach combines services such as special needs, estate, and financial planning to establish a structure for the proper management of the funds. Depending on the specific needs of the settlement recipient, a settlement plan may include establishing trusts, setting up structured payments, and making investments.

Maintaining Public Assistance Eligibility

A large settlement may affect people’s eligibility for government benefits; however, setting up the right tools may allow them to still qualify for the assistance they need. The funds received from personal injury settlements or inheritances may be helpful, but they do not always cover all the expenses of those who suffer from disabling medical conditions or who otherwise lack the mental or physical capacity to provide for themselves. Therefore, they may rely on government benefits, such as Medicaid. A settlement planner may help people consider a variety of options, such as establishing a special needs trust, so their settlements do not count against them when determining financial eligibility for Medicaid and other government assistance benefits.

Providing for Lifetime Needs

Preparing for the management of their settlements may help people ensure their funds last through their lifetimes. Depending on the severity and effects of their injuries, people who receive settlement payouts may require lifelong care. Setting up certain structures through settlement planning may help them make sure their settlement money works for them. For example, opting for a structured settlement may give people the regular income to cover expenses like their housing costs and medical bills, while keeping them from spending their funds faster than they intend.

Meeting Financial Goals

Through careful planning, people may use settlement funds to become more financially sound. A settlement planner may help settlement recipients consider guaranteed-income and other investment options to help their settlement funds grow.

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