In many personal injury settlements, the plaintiff may be incapacitated, disabled, or specially challenged. Often, the individual is unable to return to work or perform simple daily activities. Individuals who are able to return to work are sometimes unable to perform the same type of work and earn comparable income. As a result, some individuals and their families must rely on government assistance such as Supplemental Security Income (SSI) and Medicaid, Social Security Disability (SSD) and Medicare, and/or Social Security Income.
The disabled and specially challenged plaintiff requires sophisticated and careful settlement planning. The plan must ensure their settlement award is safeguarded and maximized to meet their needs, expectations, and desires; often for a lifetime. The plan must also consider all options as it relates to Medicare, Long Term Care (LTC), private insurance, risk pool insurance, or preserving government benefits such as SSI and Medicaid.
The successful completion of a settlement plan requires proper review of the individual’s home life (immediate and in the future), Life Care Plan, medical records, substandard age rating, health insurance coverage (private vs. government), immediate and ongoing needs, and medical care.
ROBINYOUNG & COMPANY works closely with trustees and trust attorneys to determine if a special needs trust is applicable, and if a structured settlement annuity is appropriate. Where it is most necessary and appropriate, the settlement plan is outlined in ways which the structured settlement and a special needs trust can work with federal government benefits programs to protect the long-term financial security of disabled individuals and their families.
Learn more by contacting ROBINYOUNG & COMPANY.