Recipients of Compensation Awards

Lifetime financial plans for vulnerable people

Anyone that has suffered a life changing injury will understand that the emotional and financial ramifications are extensive. Fighting for personal injury and clinical negligence compensation can be an arduous journey. One that does not stop on receipt of a settlement.

Medical support, nursing care, specialist equipment and respite services can swiftly diminish a compensation award.  In all likelihood, settlements will represent the recipient’s main source of income or capital for the rest of their lives.  What is more, because most cases are settled by compromise, the sum awarded may fall short of the amount realistically needed to fully meet the recipient’s ongoing needs.

You do not need to face this alone

Our financial planning specialists are experienced in creating lifetime plans for compensation claimants.

At pre-settlement stage we can work alongside you and your legal advisers to advise whether an award is best structured as a lump sum, a regular income or a combination of both.  We can also advise on when a Personal Injury Trust would be appropriate to protect your rights to state financial support and or enable the award to be managed on your behalf.

Post settlement we will create a lifetime financial plan that we will regularly review to make sure that your finances are under control, your investments remain on track, you are optimising tax efficiency and you are claiming any state financial support you are entitled to.  In short, we will work to ensure as far as possible that your award enables you to meet your expenses for the rest of your life.  This means:

  • Ensuring short term liquidity – ensuring cash is available to meet one-off expenditures, like equipment or adapted transportation, and regular expenses like nursing care.
  • Developing a suitable long term investment strategy – working with investment managers to develop and appropriate portfolio to achieve investment returns whilst also carefully controlling any risks involved.

We are very experienced in working alongside Deputies, Attorneys and Trustees of all forms of Personal Injury Trust.

 

Albert Goodman Financial Planning Ltd is authorised and regulated by the Financial Conduct Authority.
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