Settlement Awards

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guidance

Whether your award proceeds come in the form of a settlement or verdict, spending time in a prolonged courtroom legal battle can be overwhelming, stress and anxiety.

A Settlement & Pre- Windfall: If settlement present itself and both parties can come to an agreement, you may have an opportunity to have a say in negotiating the way your settlement is maximized in your favor.

#1. Contact a financial windfall expert asap. The sooner the better. You might even have enough time left to design and structure the event that maximizes your gains and minimizes a substantial taxable event. We recognize unique scenarios and are able to recommend a team of consultants such as CPA’s, Tax and Estate Attorney’s to help.

If you’re in a strong and prolonged emotional state, it’s critical to simply take a pause and hold off on making any major financial decisions.

Contacting a financial expert familiar with sudden financial windfalls can help minimize some of the stress and anxiety you may be having.

Our latest Inheritance blog: When Boomers Retire, Their Wealth Will Go to the Young and Financially Inexperienced. Is That You?

NEXT STEPS

Award from judgement or verdict: If your situation is an unexpected windfall, it’s highly likely that your emotions are running high.

Step:

#1. Simply do nothing. The money isn’t going to run away so live as if it never happened until your emotions stabilize.

#2. We advise not to tell anyone right away if at all. Lottery winners for example are often targets of identity theft or fraudsters.

#3. Don’t make any major purchases right away. Consulting with a financial expert asap to get a handle on the tax implications and start discussing a plan.

Frequently asked questions

What challenges are commonly faced by individuals who receive settlement awards?

Settlement award recipients often face emotional conflicts and structural challenges in how the award is granted. Managing emotions and ensuring the award is structured to maximize benefits require careful consideration and consultation with a financial advisor.

How can an award structure impact the actual net amount received?

The structure of an award can significantly impact the net amount received. Consulting with a financial advisor before the award is granted helps ensure it is structured in a way that maximizes benefits and minimizes potential tax exposure.

Is financial planning necessary after receiving a settlement award?

Yes, financial planning is crucial after receiving a settlement award. Proper financial planning ensures that the funds are managed wisely, protecting against overspending, and addressing potential tax implications. A financial advisor can help create a plan tailored to individual needs.

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