patrick_farber_sudden_wealth_trent_richardsonImportant Lessons For Personal Injury Victims

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. The same can happen to plaintiffs in personal injury cases. Sizable settlements are seen as easy money to unscrupulous friends and family.

As an attorney who represents personal injury clients, don’t pass up the opportunity to have your clients sit down with a structured settlement broker to discuss payout options. Broker services—from initial discussions to final settlement paperwork—is provided at no cost to you or your client.

If you enlist the help of a life care planner to assess your client’s injuries and estimate future medical costs, the structured settlement broker works with the planner to ensure the injured individual has the funds for medical care and that his or her family is financially secure.

The goal is to create a plan that will help provide resources to improve your client’s quality of life and protect the family’s financial assets. Unlike professional athletes such as Richardson, your client is then in a much better position to say “no” to some of the temptations that may arise.

– Pat