Creating A Life Plan, Structured Settlement Or Special Needs Trust
Many legal issues transpire when a loved one suffers serious permanent disabling injuries. When this occurs, the settlement of their claim should be done in such a way to conserve the assets covering future needs. For friends and family, these complex legal issues can be overwhelming to navigate.
When faced with such legal issues, we often advise our clients to allow us to first obtain a Life Care Plan from a life care planner and then do what is called a Structured Settlement, so that funds are paid out over the course of time to pay for these needs. If the client qualifies, we will also discuss and consider the need for what is known as a Special Needs Trust, which protects the funds invested in the Trust and they can only be used to meet certain defined needs. If the client receives government benefits, a Special Needs Trust may protect the client’s continued entitlement to those government benefits.
Every Life Care Plan, Special Needs Trust and Structured Settlement will include a customized combination of different legal services. Glenn, Mills, Fisher, and Mahoney, P.A. will work hard to identify your loved one’s present and future care needs and create a customized care plan for your family. Contact our law firm today to schedule a consultation.
What Is A Life Care Plan?
A Life Care Plan protects both you and your disabled loved one’s legal interests. Life Care Plans can also outline specific provisions for dependents and any other family members in the present and the future. Typically, a customized life care plan will include aspects of estate planning, advocacy services and elder law. The process of putting a life care plan in place for your loved one can also give you access to a team of legal experts, who are ready to give you sound legal advice on every part of your situation. Life care plans include care coordination, client advocacy and Medicare, and insurance support.
What Is A Structured Settlement?
A Structured Settlement is accomplished by purchasing contracts with an insurance company or companies. The insurance company is paid from the settlement proceeds and will agree to pay the client or a special needs trustee, a predetermined amount of money over the course of time. The amount and period of those payments is determined by the Structured Settlement agreement.
A Structured Settlement is also an attractive option to consider when the injured is a minor. Rather than receiving all of the funds, when the child turns 18, the funds are paid out over the course of years (determined by the parents and approval of a Court), rather than in one lump sum. The settlement is often used to help the client during college years or the years of young adulthood – this is true even if the minor has not suffered permanent disabling injuries.
What is a Special Needs Trust?
Sometimes, with the help of your attorneys, it is determined that a Special Needs Trust is in the client’s best interest; it allows the injured person to continue to receive government benefits, yet have a protected source of funds. These funds are provided for special needs that are not covered by government benefits.
If you or a loved one has suffered serious disabling injuries, you should consult experienced injury attorneys as soon as possible.
Contact our law offices today to schedule a consultation and give yourself peace of mind.