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Using Structured Settlements to Help Injured Clients

The Whaley Law Firm's podcast

Release Date: 12/15/2020

Using Structured Settlements to Help Injured Clients show art Using Structured Settlements to Help Injured Clients

The Whaley Law Firm's podcast

Episode 9: Louisville personal injury attorney Aaron Whaley invited Brad Cecil, from Ringler, to discuss how structured settlements can be extremely beneficial for injured victims and their financial situations. These tools can increase the value of the settlement through compounding interest. Content is for information only, not legal advice and doesn't constitute an attorney-client relationship. I'm only licensed in Kentucky. This is an attorney advertisement. Jim Ray is a non-attorney spokesperson.

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Louisville Pedestrian Accident Cases show art Louisville Pedestrian Accident Cases

The Whaley Law Firm's podcast

Episode 8:  Welcome to the Whaley Law Firm Personal Injury Podcast. Aaron discusses pedestrian accidents, bicycle collisions and bus accidents. Each of these are especially important as students head back to school. It’s not uncommon for younger students and older students to be distracted as they head home.

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The Whaley Law Firm's podcast

Episode 7:  Louisville personal attorney Aaron Whaley discusses factors involved in handling dog bite cases.

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The Whaley Law Firm's podcast

Episode 6:  This episode finishes the discussion from in Episode 5.  Depositions give both sides the chance to ask questions to clarify facts. Mediation is an attempt to resolve the case. Your attorney helps you understand offers made. If a settlement cannot be reached the case will go to trial. 

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The Whaley Law Firm's podcast

Most car wreck cases settle. A reason a case goes to trial is a disagreement as to how the accident happened. Another issue is when the difference between the offers is too large. Your attorney files the lawsuit. During discovery, both parties find out details about the collision, injuries and related factors.  We'll continue in Episode 6 (Preparing for Trial Part 2). This is provided for general information. I'm licensed in KY. This is an attorney advertisement.  Jim Ray is a non-attorney spokesperso

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The Whaley Law Firm's podcast

It’s important that you have the proper expectations. How often should I expect to hear from my attorney? What if the insurance company or other companies contact me, directly? In complicated cases, a lawsuit may need to be filed. Don’t rush to get a settlement until you fully understand the extent of your medical care. 

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Main Issues After a Car Wreck show art Main Issues After a Car Wreck

The Whaley Law Firm's podcast

EP003: Two big issues after a car wreck. How do you put the pieces back together? MEDICAL TREATMENT - Do you need to go to the hospital? Kentucky has no fault coverage. It's up to $10,000 of injury protection for you and each of your passengers. CAR REPAIRS - If the car is totaled, when should you buy a new car? Will the settlement pay for it? This information should not be construed as legal advice and does not form an attorney-client relationship. I'm licensed in KY. This is an attorney advertisemen

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Common Car Wreck Injuries in Kentucky show art Common Car Wreck Injuries in Kentucky

The Whaley Law Firm's podcast

Many car wrecks occur at slow speed resulting in injury to ligaments, muscles or disks (“WHIPLASH”). Other wrecks occur at higher speed. Serious injuries include lacerations, head/brain trauma, back and neck injuries or death. There’s potential for symptoms to show up as mood swings, memory loss or a decrease in speech and motor skills.

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Meet Kentucky Attorney Aaron Whaley show art Meet Kentucky Attorney Aaron Whaley

The Whaley Law Firm's podcast

1. Take Pictures, if You Can Do It Safely

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Whaley Law Firm Podcast Promo show art Whaley Law Firm Podcast Promo

The Whaley Law Firm's podcast

Louisville Attorney Aaron Whaley is launching his personal injury podcast. New episodes will launch every 2 weeks. He'll explain many of the issues you need to know about Kentucky car wrecks and other types of injuries.  

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Episode 9:  Louisville personal injury attorney Aaron Whaley invited Brad Cecil, from Ringler, to discuss how structured settlements can be extremely beneficial for injured victims and their financial situations.  These tools can even increase the value of the settlement through compounding interest.

People can be anxious about receiving a large, lump sum payment.  They may have questions about how best to use it, where to deposit it and most importantly, how to make sure it lasts.  A structured settlement can help to make this much easier to manage.  They can be customized to meet the individual’s unique situation and/or concerns. 

Are there tax considerations involved?

In Kentucky, proceeds from a personal injury settlement are tax free.  A structured settlement is a tax free financial tool, including any interest that may be generated.

Are structured settlements subject to market fluctuations and/or volatility?

The funds in your structured settlement are not exposed to market fluctuations.  They are guaranteed against risk.  Large insurance companies payout on these structures, similar to an annuity. 

Who typically uses a structured settlement?

Structured settlements are often used in cases involving minors.  The structured settlement can earn better rates that a simple bank account.  More importantly, the proceeds don’t all have to be paid out at age 18.  This is an important consideration.  The money could be used for many types of expenses, including college.

Adults can also use a structured settlement to provide ongoing income or to cover for future expenses such as surgeries or specially adapted vehicles.  Brad can advise the client on the best way disperse the funds, based on his/her specific situation.

What does it cost to set up a structured settlement?

Unlike a typical investment, there are no fees to set up a structured settlement for the client.  As previously stated, a structured settlement can also grow tax-free.

Can a structure affect your Medicaid benefits?

Yes, but you can plan around those government benefit thresholds to ensure the individual continues to receive SSI or other income-based benefits.  The client, Brad and Aaron can work together to help plan the proper setup and payout schedule.

Is there a minimum amount required to establish a structure?

While approximately half of the structures Ringler handles are $50,000 or less, most are at least $10,000 or more in value for a minor and around $40,000 for an adult. 

What Happens if the Individual dies before the settlement is paid out?

This depends on how the structure is set up.  Usually the funds for a minor are guaranteed.  The money would go to their estate if they pass away prior to age 18.  At age 18, the person can name a beneficiary. 

If the structure includes lifetime benefits, there’s a designated “period certain.”  This could be a 30- or 40-year period.  If the person dies after 20 years, the remaining years would be paid out.  However, if they pass after the period certain, the payments would cease. 

Brad comments that if you have a lifetime benefit and live to be 100 years old, for example, you’ll continue to be paid beyond the period certain.  This example illustrates another way in which a structured settlement could actual end up paying the individual more than the actual, original legal settlement. 

A structured settlement is not a required way to handle an injury settlement.  However, it’s another option Aaron Whaley is able to provide to help his clients. 

If you’d like more information about structured settlements, Brad Cecil and Ringler have a well-developed website with videos, other examples and pages of information.

Click this link for more information about the Whaley Law Firm.

Important Disclaimers:

The information provided on this podcast is for general informational purposes only.  It should not be construed as legal advice and does not constitute an attorney-client relationship.  You should seek the advice of an attorney for guidance related to your specific situation.  I am only licensed in Kentucky, so the general advice provided may not apply outside of Kentucky.

This podcast maybe freely shared, but may not be the modified or edited in any way.  This is an attorney advertisement.  Co-host Jim Ray is a non-attorney spokesperson.