Your client is injured and will likely receive a significant settlement. Many clients are tempted to take the settlement proceeds and go on a spending spree–new cars, homes and luxury goods. If safeguards aren’t put in place, the settlement can be quickly depleted and claimants will be left with little to live on. That’s where structured settlements play an important role.
Fancy cars and expensive jewelry aren’t typically part of a structured settlement. Structures are designed to ensure your clients have enough funds to cover current and future medical costs, education expenses, necessary home and vehicle upgrades and to protect the client’s government benefits (i.e., Medicare).
Lack Of Money Management Experience. According to GoBankingRates.com, 57.4% of Americans have less than $1,000 in savings. Most Americans have little or no experience managing large sums of money. In one case, a father called demanding that money be withdrawn from the structured settlement set up for his injured 10-year-old son. The father wanted to invest the cash in cryptocurrency. Cooler heads prevailed and the money remained in the structured annuity. Without the structure, the money set aside for his son would have been at the mercy of cryptocurrency traders.
CAALA Las Vegas Conference. I’ll be speaking as part of a panel at the upcoming CAALA Las Vegas Conference. My talk will be on how to evaluate the structured settlement options for a client. I’ll also discuss attorney fee structuring.
“Show Me the Money!” We Have It, Now What? Post-Trial and Post Settlement Procedures
Saturday, September 4, 2021 | 2:00 p.m. – 5:15 p.m.
My team will be in Booth 1024 at the Las Vegas conference. Please stop by or contact me directly.