After suffering a catastrophic injury, it is understandable that you might have a lot on your mind. You might be struggling with medical bills and the inability to work and trying to put your life back together.
It is critical to consider damages immediately and in the future when determining an appropriate settlement amount. In addition, it is essential to protect your award.
Gather Evidence
Strong evidence supporting your claim makes it more likely that you will receive the compensation amount you are owed. It can also help to establish credibility in the eyes of the jury.
A personal injury settlement trust can help plaintiffs manage their funds over the long term and meet their financial goals. In addition, it can provide a better internal rate of return than many other investments.
A structured settlement can protect a plaintiff’s assets from being squandered or coveted by family members and friends while helping them maintain their eligibility for means-tested government benefits such as Medicaid, Medicare, and Supplemental Security Income (SSI). For this reason, the trustee of a settlement protection trust must have a limited power of appointment.
Understand Your Damages
To ensure you receive a fair settlement, you should understand all the damages you are entitled to. These include medical bills, lost wages, pain and suffering. Understanding your damages will help you make the most informed decision about accepting or declining a settlement offer. A personal injury lawyer A personal injury lawyer can provide insights into each option’s potential outcomes, risks, and benefits. Carefully document all the expenses and losses you have incurred because of the accident, such as medical bills, travel expenses, and lodging costs. Your lawyer can also help you calculate general, special, and future damages. For example, you might need ongoing medical treatments to increase your medical special damages. Then, you can consider how those treatments will affect your earnings capacity when calculating future economic damages.
Consider Future Damages
When you’re injured in an accident, your immediate concerns are likely focused on the medical bills and resulting impacts on your quality of life. However, there are several steps that you should take to maximize your compensation for future damages, as well. Having a lawyer help you calculate past and current damages is critical. This includes identifying and gathering all relevant documents, receipts, and other evidence to add up the full value of your injuries. When talking to the insurance company, it’s also important to be honest about the extent of your injuries. Downplaying or exaggerating your pain and suffering could reduce the money you’re owed from the claim. In some cases, this may even affect your future Medicare benefits.
Don’t Rush to Accept a Settlement
Getting into a car accident is traumatic and can create a lot of stress. While money can’t replace the safety and security you may have lost; it can help you get back on your feet.
However, taking time to accept a settlement from the insurance company is essential. They will try to sway you into accepting a low offer by delaying negotiations, refusing to pay your damages, or making it difficult to understand your case. It’s best to wait until you have the support of an experienced lawyer and all of the necessary evidence to make a well-informed decision. This will increase your chances of receiving maximum compensation for your losses.
Be Prepared to Take Legal Action
Having a personal injury attorney on your side can help you fight for maximum compensation. They can negotiate with the insurance company and ensure that any settlement considers the long-term impact of your injuries.
This includes ongoing medical treatment, loss of future wages, and a diminished quality of life. It also includes any punitive damages that may be awarded if the liable party was grossly negligent or reckless.
In cases where the injured party is unsophisticated in money management or if they have other assets that can be used against them (such as a house), a settlement protection trust can be set up. This special type of trust protects the underlying funds from being squandered or at risk of being lost in a divorce or bankruptcy.
