SETTLEMENT PROTECTION TRUST – WHAT IS IT AND WHEN SHOULD I USE IT?
By: Thomas D. Begley, Jr., Esquire, CELA CASE STUDY 1 Billy, age 6, was injured at birth. He recovers $1,000,000. Billy is not receiving any means-tested public benefits, such as SSI or Medicaid. One option is to place the $1,000,000 in the Probate Court, i.e., the Surrogateās Office in New Jersey, or the Orphansā Court…
PUBLIC BENEFITS CONSIDERATIONS IN PERSONAL INJURY CASES
by Thomas D. Begley, Jr., CELA Personal Injury attorneys must inquire as to whether their clients are receiving public benefits. Certain benefits are means-tested, so that if the client receives money directly those benefits are reduced or lost completely. This article will outline the common public benefits and indicate whether the receipt of a personal…
STRUCTURED SETTLEMENTS
WHAT IS A STRUCTURED SETTLEMENT? Most personal injury cases now involve a Structured Settlement. The industry is now providing $5 billion annually in Structured Settlement annuities.1 A Structured Settlement is an annuity that pays the injured plaintiff a series of periodic payments over time, rather than in a single lump sum. The annuity is purchased…
USING SETTLEMENT PROTECTION TRUSTS IN PERSONAL INJURY CASES
by Thomas D. Begley, Jr., CELA Settlement Protection Trusts can be very useful tools in the settlement of a personal injury case. A Settlement Protection Trust is very flexible. However, it cannot be used where an individual is receiving means-tested public benefits. A Settlement Protection Trust is essentially a Support Trust designed to provide for…