Including a Personal Injury Settlement Award in an Estate Plan

Permanent and long-term consequences can sometimes be at the hands of irresponsible individuals when someone is injured. Personal injury attorneys can provide valuable consultation to help the victim weigh their options to provide guidance that is in their best interest.

Ongoing medical attention may be needed to rehabilitate a victim’s injury, along with pain and suffering. It is normal for questions to arise as the victim is in the recovery process. Their best interests can be better protected when the victim spends time understanding and weighing his or her options.

When another person’s negligence was the result of the accident, it can leave a victim feeling terrified, confused and frustrated. Chances of receiving compensation to the victim with the guidance of a well versed attorney can help to soften the blow.

Personal Injury Lawsuit and Damages

The type of accident or severity of the injury in a personal injury case has a direct impact on the amount of money awarded to the victim. The majority of states, in efforts to deter from victims seeking out wrongful compensation, have caps on the amount of monetary damages that can be awarded. In some states when there is a financial loss of more than $50,000, the victim injured in the car crash may only be awarded monetary damages.

Personal Injury Settlements and Estate Planning

At times, life can throw unexpected curve balls. Being the victim of a serious injury can push people to plan for their inheritors after they pass away. When you are clear about your final wishes by making planful and mindful arrangements regarding the distribution of your settlement, beneficiaries will prosper. When including a personal injury settlement in estate planning, many choose to utilize an estate planning attorney as the process can be complex. An attorney, like a skilled Sacramento estate planning lawyer, can help to ensure that your estate does not become a burden tax wise for your heirs. Accessing an attorney well versed in this area of practice will help you to have an idea of available estate planning options.

Thanks to our friends and contributors from Yee Law Group for their insight into estate planning and personal injury practice.