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What Happens After My Personal Injury Trial?
Some cases of personal injury settlement end quickly while others go on for extended periods of time.
Depending on how long it takes for you to get the money you need, there are certain actions to take so as to make the most of your money and life.
For those who get their settlement quickly PROPER PLANNING must be heeded.
If you receive $15,000 it's okay to go and take a small portion of it and enjoy yourself by going to a spa, buying some new clothes for work, or even taking a weekend getaway to someplace nearby. FOR EXAMPLE:
The rest should go to pay down any debt you have or be set aside for savings.
This is fairly simple.
However, for those who are in lawsuits that go on for extended periods of time there is usually much more money at stake, and, therefore, much more planning that should be considered.
For these cases, the following steps should be followed.
STEP 1 Relax. The Money is in no Rush
Anything you have ever done that has taken up an extended period of time - be it military service, college, or a job - will remain with you afterward.
The same is true with a court case.
The months (or years) have had emotional ups and downs, and now it is over.
The best thing you can do for yourself is settle back and take stock of what happened, what you have, and what to do next.
This is important because even if you receive a settlement in excess of $1 million it can be gone in less than a year.
STEP 2 Consider the Advice You Would Give Someone Else
If someone else came into the kind of money you have just received, what advice would you give them? ?
Would you tell them to go to college? ?
Should they start a business? ?
Is it best to put half away for retirement and the rest toward a home? ?
If this is your advice to them, would you take it from yourself? ?
This is important because receiving a lump sum is not always as grand as we hope it to be, which is why when we receive a tax return it is usually already called for.
Knowing this, it is wise to spend a portion of time planning what to do.
STEP 3 Find a Personal Financial Advisor
A personal injury attorney is not qualified to tell you how to handle your money …
… but she probably has a lot of experience in seeing people receive large sums of cash only to have wasted it.
Additionally, she may know who to refer you to.
Your lawyer has been by your side helping you in ways that most people wouldn't know how.
Before parting ways you should seek out who they would refer you to so that your money can be properly managed.
The result will be that 5, 10, and 15 years from now you can still have your money while receiving interest payments.
By following these three steps you can make sure that you make the most of the money you get.
If you have a serious personal injury case, your best decision will be to contact the Millea Law Firm in Scottsdale AZ.
You will get personal, compassionate help with the sometimes frightening aspect of dealing with a hard-nosed insurance company adjustor.
If you need an experienced trial attorney call today.
Millea Law Firm 7272 East Indian School Road, Suite 203 Scottsdale AZ 85251 Phone (480) 481-0616