Planning for After the Case How to Manage Your Money After an Injury Settlement
HAVE A LAUGH
All of the following steps can help you formulate a plan to protect and manage your personal injury settlement.
ASSESS YOUR MONTHLY EXPENSES AND CREATE A BUDGET. You may think a budget is the last thing you need (after all, you have money now), but you probably need a budget now more than ever, as counterintuitive as it may seem. If you don’t establish a baseline of your income and expenses, it will be far too easy to lose track of the money that is coming in and going out. The act of creating a budget will help you develop discipline in spending. In addition, by distinguishing “needs” from “wants,” creating a budget gives you a clearer picture of how much is left over to meet your larger, long-term goals. REVIEW YOUR INSURANCE COVERAGE. How does your change in circumstances impact your insurance needs? Do you need more insurance? Less insurance? What new assets, if any, do you need to protect? REVIEW YOUR WILL AND OTHER ESTATE PLANNING DOCUMENTS. Do you need to update or revise your will or any related trust documents? If you don’t have a will, now might be an appropriate time to make one and to think about other estate planning matters. GET PROFESSIONAL ADVICE. You can take all of the steps listed above on your own, but if you never have dealt with these types of issues, you may want to consult with one or more experts, including:
This dip tastes great with bread, crostini, or crackers and will be a hit at any summer gathering. Grilled Corn and Ricotta Dip
INGREDIENTS
• • • • • •
6 ears of corn
black pepper, to taste
• • •
An insurance specialist
1 1/2 cups heavy cream
•
1/2 cup Parmesan cheese, finely grated 2 tbsp unsalted butter, diced Chives and scallions, finely chopped
An estate planning attorney
A tax professional (e.g., a CPA or tax attorney)
1 1/2 cups ricotta
• •
2 tbsp all-purpose flour
Even though your personal injury settlement is not taxable as income, any income you earn from investing your settlement money likely would be taxable. The wisest course of action is to assume that some portion of your settlement will be subject to taxes at some point and talk to a professional to avoid any unpleasant surprises. HIRE A FINANCIAL ADVISOR. A financial advisor is a professional who understands how money works and can help you make informed financial decisions. A good financial advisor will assess your present situation and offer options to help you maximize the value of your personal injury settlement. However, not all financial advisors are created equal. Some are highly educated, well- trained, and independent; others are glorified salespersons, pushing the products of a particular investment company. Do your research before you choose a financial advisor.
2 tbsp thyme, finely chopped Kosher salt and freshly ground
DIRECTIONS
1. Preheat the oven to 325 F.
2. In a large grill pan on high heat, cook the corn until charred on all sides. Let cool, then cut the kernels from the cob. 3. In a food processor or blender, purée two-thirds of the kernels with the cream, ricotta, flour, and thyme. Season with salt and pepper, and stir in remaining whole kernels. 4. Pour into an 8-inch baking dish. Sprinkle Parmesan cheese on top, and dot with butter. Bake for approximately 1 1/2 hours, until bubbly.
5. Garnish with chives and scallions before serving.
Inspired by Saveur.com
3
The Law Offices of Elliott Kanter APC | (619) 231-1883
Published by Newsletter Pro | www.NewsletterPro.com
Made with FlippingBook Ebook Creator