Purchase Settlement Annuities To Pay For Future Medical Care
Most personal injury plaintiffs look to buy structured settlements to provide for future medical care. Structured settlement calculators can be used to predict cash needs to prepare for future medical needs.
Notwithstanding the benefits of periodic payments, in some cases, severely injured payment would obtain better benefits from a special needs trust. This is because of the possibility that the plaintiff could be eligible for Medicaid because of the severity of his or her injuries.
A special needs trust can be structured so that the plaintiff can receive the benefits of a settlement without being disqualified from receiving Medicaid. Consult with an estate planning attorney or disability needs planner for more information on this particular situation.
Substantial Benefits To Plaintiffs When They Buy Structured Annuities
As a plaintiff, now that you know a bit more about the benefits obtained when you purchase settlement payments, you can decide what is right for you.
Specifically, you need to consider the potential tax advantages when you buy structured settlements. Many companies that sell structured annuities will advise that their annuities will protect the plaintiffs against waste, fraud and mismanagement.
Companies can use structured settlement calculators and actuaries to develop a plan to meet the needs of a minor child. Finally, although the benefits of buying settlement annuities are plentiful, there are times where a special needs trust might be a better alternative to a plan to purchase structured settlement payments.
In the end, you need to consult with your attorney, tax advisor and financial planners to determine whether the decision to purchase structured settlements is one that you should consider.
