20 Reasons To Hire Attorney To Review Structured Settlement in Wrongful Death Claim
Hiring an attorney to review a structured settlement in a wrongful death settlement can provide invaluable support, ensuring that the settlement meets the family's needs and rights. Here are 20 reasons why this legal expertise is essential:
Expert Evaluation: An attorney can expertly evaluate the proposed structured settlement to ensure it fairly compensates for the loss, considering all present and future financial needs.
Understanding Legal Implications: Attorneys help understand the complex legal language and implications of the structured settlement, ensuring there are no unfavorable clauses hidden in the agreement.
Ensuring Full Compensation: An experienced attorney can confirm that all damages, including medical expenses, loss of income, pain and suffering, and punitive damages, are fully accounted for in the settlement.
Tax Implications: Attorneys are familiar with the tax laws related to structured settlements and can advise on how to structure payments to minimize tax liability.
Future Financial Security: Lawyers can ensure that the structured settlement provides long-term financial security, considering factors like inflation and future financial needs.
Customizing Payment Plans: An attorney can help customize the structured settlement to align with the family's financial goals and life plans, such as covering educational expenses or retirement.
Avoiding Predatory Practices: Legal counsel can protect the family from predatory settlement practices and ensure that the settlement is fair and just.
Compliance with Laws: Attorneys ensure that the structured settlement complies with all relevant state and federal laws, avoiding potential legal pitfalls down the road.
Conflict Resolution: If there are disputes among beneficiaries, an attorney can mediate and help reach a consensus that respects everyone's interests.
Protecting Government Benefits: Lawyers can structure the settlement to ensure it does not affect eligibility for means-tested government benefits such as Medicaid or SSI.
Guarding Against Mismanagement: Legal advice can help set up protections against mismanagement of funds, particularly for beneficiaries who might not have experience handling large sums of money.
Court Approval: In some cases, court approval of the settlement is required. An attorney can navigate this process and present a compelling case to the court.
Maximizing Settlement Value: Attorneys often have experience negotiating with insurance companies and can maximize the settlement amount, securing better terms than the initial offer.
Addressing Special Needs: If the family includes a member with special needs, an attorney can help set up a special needs trust as part of the structured settlement.
Establishing Trusts: Legal counsel can assist in setting up trusts to manage the settlement funds, ensuring they are distributed according to the deceased's wishes.
Ensuring Timely Payments: Attorneys can ensure that the structured settlement includes clear provisions for timely payments, avoiding delays that could cause financial hardship.
Addressing Unforeseen Changes: Life circumstances can change, and an attorney can include provisions in the settlement that allow for adjustments based on future needs.
Investment Advice: Legal professionals can provide advice on the best ways to invest the settlement funds to ensure long-term growth and security.
Dealing with Insurance Companies: Attorneys are skilled in dealing with insurance companies and can handle all communications and negotiations on behalf of the family.
Peace of Mind: Ultimately, having an attorney review the structured settlement provides peace of mind, knowing that the family's financial future is in good hands and all legal aspects are thoroughly addressed.
These reasons highlight the comprehensive benefits of hiring an attorney to review a structured settlement in a wrongful death case, ensuring that the family's rights and interests are fully protected.