For injured parties, choosing how to accept their settlement proceeds can be one of the biggest decisions of their lives. Unscrupulous friends and relatives ask for "loans" that will never be repaid. The claimant may decide that now is the perfect time to start dabbling in the stock market, go on a spending spree or
Suffering from a serious accidental injury can be a life-altering experience. Victims are often no longer able to work and provide for their family. That's why the federal government amended the tax code in 1982 to allow injured individuals (or beneficiaries in wrongful death cases) to receive their settlement funds in guaranteed, tax-free payments through
After going through the pain and shock of a loved one suffering a catastrophic injury, family members are then faced with another jolt-the realization of the staggering costs associated with keeping their loved one in the best possible health. A recent Merrill Lynch/Age Wave survey found that 41 percent of caregivers said they entered the
Injured individuals often want to know what will happen to their structured settlement after they pass away. Structured settlements are usually set up so payments are made for the life of the injured party—with a guaranteed minimum number of years. If the claimant dies before the guaranteed minimum number of years is reached, the remaining
By far, the most complicated aspect of a structured settlement involves Medicare-Set-Asides (MSAs). Atlas Settlement Group has compiled answers to a list of MSA questions frequently asked by clients. These 12 questions and answers provide a clear understanding of MSAs. They start with the basic "Why are MSAs necessary?" "The purpose of the Medicare Set-Aside
Medicare Set-Aside accounts (MSAs) have to pay medical expenses first and be depleted before Medicare pays for any expenses. Injured parties have choices, manage complicated MSA account compliance themselves or hire someone. The “Self-Administration Toolkit for Workers’ Compensation MSA Arrangements” alone, is 31 pages long. Improperly follow procedures and Medicare may deny coverage. The second choice —professionally managed MSA accounts.
When someone suffers a minor physical injury and a settlement is reached, the settlement funds offer financial peace of mind until the injured individual can resume normal activities. When a catastrophic injury occurs – requiring medical and personal care – the settlement takes on a more vital role. Settlements must last a lifetime so that the injured individual receives medical treatment and can lead as normal a life as physically and emotionally possible. Each catastrophic-injury case is different, but there are similarities that are the basis for determining the type of structured settlement to create.
Trent Richardson had it all in 2012—third overall pick of the Cleveland Browns and a $20.5 million guaranteed contract. In four short years, he’s out of the NFL and leading a “humbling” life when it comes to his finances. Like many former NFL players who were suddenly flush with cash at the start of their careers, he soon found that friends, family and hangers-on sucked him dry.
Settling a case can be a cumbersome and time-consuming experience for all parties. When the complexities of needs-based public benefit programs such as Medicaid and Supplemental Security Income (SSI) are added to the structured settlement mix, attorneys must be vigilant to ensure that the settlements they craft comply with all applicable laws while protecting their client’s current and future benefit eligibility. In addition, this is further complicated by dual-eligible clients with Medicaid and Medicare.
When a child is injured, parents have much to think about. High on the list is the child’s financial needs during the initial recovery period and beyond for medical, rehabilitation and other experiences. If there is compensation for the injury, judges often require that the settlement be structured so the best interests of the minor
