How to protect Personal Injury Settlement

Strong65

I am stage IV and I will be receiving a large personal injury settlement in the coming months. I am trying to figure out how to "protect" this for my sons. They are 15 and 13. I don't want to lose it if i wind up with astronomical medical bills or need assistance in the future. I can't afford an estate attorney at This time. Any suggestions?

MelissaDallas

Yes, you can easily afford an estate planning attorney when you get your settlement. They are very reasonable. Spend the first of the money on a lawyer

AZ85048

luv2fish - You might want to look into a revocable living trust; either one for both boys, or one in each of their names. You would more than likely set yourself up as the trustee initially and then appoint someone to take over once you were unable to. A revocable living trust has become a popular estate planning tool that you can use to determine who will get your property when you die, because in most instances, probate can be avoided. (They're revocable because you can change them as your circumstances or wishes change.)

BrooksideVT

Absolutely see an elder care or estate attorney first, for advice on legal strategies to protect your money, and for the hard news about strategies that do not work. Once you have a strategy in place, a CFP or ChFC (that's what I am--it's one step higher than CFP) can give you investment advice that coordinates with your attorney's protective strategies. Your attorney can probably recommend a financial professional who will put your interests first. Please see the attorney before you receive the funds.

Strong65

Thanks, i am a bit worried about this.... i need to come up worth the funds to talk to attorney soon then. ..

AmyQ

Most attorneys provide a complimentary consultation so I'd at least explore this as soon as possible.

Amy