Settlement Planning

We help attorneys and their clients create a detailed, comprehensive look at a client’s financial situation with specific recommendations designed to help a client be in the best possible financial position after receiving settlement proceeds.

We help ensure that receiving a legal settlement does not impact the ongoing government benefit eligibility of a client or their household members. We also help attorneys comply with the Medicare Secondary Payer Act.

settlement planning

Maximizing the Value of a Legal Settlement

Receiving a legal settlement should be a blessing in the client’s life. However, careful planning needs to be be done to ensure a client’s government benefits are not jeopardized and that a financial plan is in place to maximize the value of the settlement. 

protecting settlement funds

Settlement Trusts

A Settlement Protection Trust (SPT) provides claimants a safe, protected account for their settlements proceeds. An SPT can provide regular periodic payments to the recipient of a settlement while maintaining the flexibility of having the money available for medical expenses, college costs or other unforeseen needs. Like a structured settlement annuity, this trust provides spendthrift protection – a necessity in many situations. The trust is set up with large, national trust companies that serve as trustee, and are adaptable to the changing needs of injury victims. Tombs Maxwell LLP’s relationship with these trustees allows us to offer reduced fees for these trust services. SPTs are ideal for clients who need the security and simplicity of monthly payments, the opportunity for growth, and liquidity for future contingencies.

Maintaining needed benefits

Government Benefits

A person who is receiving means tested government benefits may be able to preserve benefits even if he or she receives money from an unexpected source such as a legal settlement or an inheritance. Proper planning allows a legal dispute to be settled or family members to contribute for the needs of loved ones without affecting government benefits, thus preserving their access to needed care.

We thoroughly review an individual’s government benefits and those of others in their household, and makes appropriate recommendations for the settlement proceeds or other source of assets. Ensuring a plan that will work with government benefits programs can protect the long-term financial security of minors, persons with disabilities and their families.

ensuring a successful transition

Settlement Planning

A settlement plan is a detailed, comprehensive look at a client’s financial situation with specific recommendations designed to help a client be in the best possible financial position after receiving settlement proceeds.

Settlement planning involves allocating the net recovery from a legal settlement to maximize the ability of the recipients and their guardians to meet their needs and goals. Settlement planning should end in a transition to a more permanent financial planner that will assist the claimants to take control of their financial future. By setting financial goals, developing and implementing financial strategies, and monitoring progress on a regular basis, the likelihood of achieving financial goals is greatly increased.

protecting medicare’s future interest

Medicare Secondary Payer Compliance

We evaluate your third party liability cases to ensure Medicare’s future interests have been considered. We provide a fact specific analysis of your case to help you determine future injury-related, Medicare-eligible expenses and whether a set aside of settlement proceeds is advisable. We provide a written analysis letter for your file, and if necessary, we can provide full MSA allocation services.

ensuring wise decisions

Qualified Settlement Funds

Given the number of the post-settlement concerns that must be addressed by both plaintiffs and defendants, engaging in legal settlements is becoming increasingly more complex.

Attorneys must constantly be aware of the increasing obligations being placed on both them and their clients.  In order to satisfy these obligations, a settlement must not only be advantageous to both the plaintiff and defendant but also must satisfy any subrogated interests or reimbursement claims.

Congress has provided a mechanism that helps simplify the settlement process for all parties involved in litigation: the Qualified Settlement Fund (QSF).  A QSF, if used properly, can be a tool that allows all interested parties to benefit from its use, making it a vital settlement instrument.

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Schedule a Free Consultation

Handling the legal and financial issues that arise at settlement be overwhelming. We help attorneys and their clients navigate these issues and develop a comprehensive settlement plan for each client.

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