Tips to help make sure your compensation continues to cover your needs for years to come.
In the case of a severe injury, you may have medical expenses, pain, or lifestyle changes that will last for years after your personal injury claim is settled. You may be unable to work, or your expenses may simply be too great for you to handle on your own. In this case, it will be absolutely essential to secure a personal injury settlement to ensure your future quality of life.
But it turns out, winning a personal injury settlement may not be the end of the story when it comes to making sure you have enough compensation to meet your needs. You also need to think about how you are going to manage this money over time and how your settlement cash fits into your overall financial planning.
These tips will help you make the most of your personal injury settlement.
Tip #1: Know How Much Compensation You Need
Obviously, it will be impossible to make your settlement cash last as long as you need it to if you fail to secure a fair settlement that anticipates and covers all your needs. Before accepting any offer from the insurance company or filing a claim in court, you must calculate all current and future financial burdens stemming from your accident.
The assistance of an experienced personal injury attorney such as Michael A. Kahn will be invaluable in this effort. After successfully representing numerous catastrophic injury victims, Michael A. Kahn knows exactly how to go about calculating your damages. He can bring in medical experts as needed to analyze your expected recovery process and determine what treatments and expenses you are likely to incur, and he can also argue very persuasively for ample pain and suffering compensation.
Tip#2: Negotiate Your Liens
Remember, the dollar amount written on your settlement is not the same dollar amount that’s going to go into your bank account. Your attorney will take their fee out of your settlement, and your doctors or insurance provider may also make claims against your settlement in the form of a lien, meaning they reserve the right to be repaid for your medical treatment out of your settlement. In order to maximize your take-home portion of the settlement and give you more peace of mind that the settlement will cover your future needs, your attorney can try to negotiate these medical liens down to a lesser amount.
Tip #3: Take a Structured Settlement
You will have the option of taking your settlement as a lump sum or as a structured settlement. Unless you are a skilled investor yourself, it is typically better to take the structured settlement. This way, you receive a smaller payment at regular intervals instead of one huge lump of cash, which can be a huge help for budgeting purposes.
