STRUCTURED SETTLEMENTS
WHAT IS A STRUCTURED SETTLEMENT? Most personal injury cases now involve a Structured Settlement. NSSTA announced a record-breaking $8.523 billion industry milestone in 2023.[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 by the…
OPTIONS FOR HANDLING FUNDS OF A PERSONAL INJURY PLAINTIFF WHO IS A MINOR CHILD OR AN INCAPACITATED ADULT
by Thomas D. Begley, Jr., Esquire, CELA and Emily M. Schurr, Esquire If a personal injury plaintiff receives an award or a settlement but is a minor child or an incapacitated adult, there are essentially five choices for handling the funds. These are: (1) deposit the funds in a Trust with a corporate Trustee,…
What Is An Able Account And How Can It Help Protect Your SSI Check? – Begley Report
by Thomas D. Begley, Jr., Esquire, CELA An ABLE account is a new device available to the disability community that allows a disabled individual to have a limited bank account without risking eligibility for their means-tested public benefits. ABLE accounts can receive $18,000 per year from all sources and are capped at the maximum account…
PERSONAL INJURY SETTLEMENTS AND SPECIAL NEEDS TRUSTS: SETTING CLIENT EXPECTATIONS
by Thomas D. Begley, Jr., Esquire, CELA If a client receiving a personal injury settlement also receives certain public benefits such as SSI and many forms of Medicaid, a Special Needs Trust is required to preserve those benefits. Special Needs Trusts entail restrictions and a small minority of clients would rather give up their…