Make Your Money Work for You: Learn the Best Tips to Help Your Personal Injury Settlement Last

You may have medical expenditures, discomfort, or lifestyle adjustments for years after your personal injury claim is settled if you had a severe injury. It’s possible that you’re unable to work, or that your bills are simply too high for you to manage on your own. In this instance, obtaining personal injury compensation will be critical in ensuring your future quality of life.

However, it turns out that obtaining a personal injury settlement isn’t the end of the road when it comes to ensuring you receive adequate compensation to fulfill your requirements. You should also consider how you will handle this money over time and how your settlement funds will fit into your overall financial strategy.

These pointers will assist you in maximizing the value of your personal injury settlement. To get the money you deserve, contact Law Offices of Michael A. Kahn at (310) 209-1600 for a free legal consultation with an experienced personal injury attorney.

First and foremost, determine how much compensation you require

Obviously, if you don’t get a fair settlement that anticipates and covers all of your demands, it will be hard to make your settlement money last as long as you need it to. You must analyze all present and prospective financial responsibilities resulting from your injury before accepting any offer from the insurance company or bringing a claim in court.

In this endeavor, the aid of an experienced personal injury attorney like Law Offices of Michael A. Kahn will be crucial. Law Offices of Michael A. Kahn knows how to calculate your losses after successfully represented several catastrophic injury plaintiffs. He may bring in medical specialists as needed to examine your predicted healing process and estimate what treatments and expenditures you will likely spend, and he can also persuade a jury to award you enough pain and suffering compensation.

Work out a deal with your liens

Keep in mind that the amount mentioned on your settlement is not the same as the amount that will be deposited into your bank account. Your attorney’s fee will be deducted from your compensation, and your physicians or insurance company may file a lien against your payment, indicating that they reserve the right to be reimbursed for your medical care. Your attorney can try to bargain these medical liens down to a lower sum in order to maximize your take-home part of the settlement and offer you more peace of mind that the payment will meet your future needs.

Take a structured settlement

You will have the choice of receiving a lump sum payment or a structured settlement. Unless you are an experienced investor, it is usually preferable to take a structured settlement. This method allows you to get smaller payments at regular periods rather than one large lump sum of money, which may be quite beneficial for budgeting.

Contact Law Offices of Michael A. Kahn at (310) 209-1600 now to request a free legal consultation.

Need Help? Call us anytime at (310) 209-1600