What Should You Do With Your Personal Injury Settlement?
NC Personal Injury Settlements
One important item you need to prepare for when you receive a settlement is tax. You can consult a NC Certified Public Accountant to learn tax advantages to depositing portions of your settlement into a structured settlement annuity, which can avoid taxes in some cases.
Accident Victims Budget
Innocent people who have suffered injuries because of an accident caused by someone else’s wrongdoing may juggle lost wages, mounting medical bills and lifestyle adjustments. Once their injury settlement arrives, accident victims can payoff debts from their injuries and use the extra money to create an emergency fund. Accident victims might have a budget for future long-term healthcare costs associated with their injury, but common health problems may develop as they age which could require costs for daily prescriptions, surgeries or home healthcare assistance.
Personal Injury Settlements
In addition to paying off debts accrued from injury-related work absence and medical treatment, you can use your personal injury settlement to payoff as many debts as you can. It’s best to payoff your debt that has the highest interest rates, especially on consumer loans where the payments are not tax-deductible.
NC Personal Injury Attorneys
If you’re trying to get a settlement for your injury claim but are having a difficult time reaching an amount that is satisfactory to you, contact a NC personal injury attorney at Brent Adams & Associates. You should never accept an insurance company’s first settlement offer. Schedule a free consultation with a personal injury attorney in Raleigh, Fayetteville or Dunn by calling 800.849.5931.