Financing the Future
Managing Disability Related Expenses
Along with the emotional and physical challenges that lie
ahead, your finances will be an ongoing concern. The cost of health care and other
disability-related expenses is extremely high, and you will need to have a clear plan for
managing your personal finances.
Many people who receive large settlements are faced with
the choice of whether to take their awards in the form of a lump sum or a structured
settlement over a period of time. This is an important decision that can have a
substantial effect on you and your families long-term financial well-being.
Structured settlements can provide a steady long-term
income that is often tax-free and includes cost of living adjustments. Such a settlement
can ensure financial security for persons who feel that a lump sum may "burn a whole
in their pocket." On the other hand, a structured settlement may not be worth as much
in the long-term as a well invested lump sum award, and payments may be in jeopardy if the
disbursing party becomes insolvent.
A properly invested lump sum award can bring financial
benefits above and beyond. the amount of the original settlement. Yet with all investments
there is some degree of risk, so settlements should be invested conservatively, and with
professional financial guidance. In addition, trusts can be set up to protect loss of
Medicaid, SSI benefits, and other benefits through the expertise of the professionals
associated with FAIP.
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Aquatic Injury Prevention
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