Anyone reading this newsletter likely knows someone who has filed a personal injury lawsuit, as more than 400,000 claims are filed each year. But if you’ve never been a plaintiff and you are relatively far removed from the legal industry, you probably haven’t thought much about what it actually means to receive a settlement in an injury case.
A catastrophic injury comes with lifelong medical care and maybe also equipment, therapies, home nursing care, and other needs. On top of those unexpected costs, chances are the injured person is unable to work – at least in the same capacity as they were pre-injury – which means less income and more bills. A personal injury settlement or jury verdict helps rectify the financial burden for the victim.
But there’s often a lot of difficulty in stretching a personal injury settlement over a plaintiff’s lifetime, even when it’s a really big settlement. Most people have never received a lump sum that large, so they naturally do not know how to appropriately plan for it. Companies like Milestone help implement strategies for plaintiffs that are customized to their needs and financial goals, and once those plans are in place, it’s set it and forget it. The plaintiff has the peace of mind that the settlement money will last for years and cover all their needs, so they can move forward with life.
One distinct advantage that all personal injury plaintiffs automatically have is that they receive their settlements as tax-free income. In other...
Read Full Story: https://milestone.legalexaminer.com/legal/turning-a-personal-injury-settlement-into-a-tax-free-investment-account/
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