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August 2021
THE TRUSTED ADVISOR The Costs of Personal Injury
FINANCIAL FAQS
Aug. 14 is National Financial Awareness Day, so we thought it would be a good time to address some of the common questions and concerns we hear from our clients. Before we dive in, we want to acknowledge that it’s stressful to be dealing with an injury while also worrying about how your medical bills are going to get paid and what you’ll do about lost income. Our chief objective is to make sure you get the compensation you deserve not just for the medical bills and lost income but also for the pain, suffering, and stress that comes along with the process. Many people realize that in order to take on the insurance company to get a fair settlement for their personal injury claim, they need a lawyer with experience and persistence. Yet some people worry about how they’ll be able to pay for those services. We work on a contingency fee, which means there are no upfront costs for our clients. This is often a big relief for clients who are already worried about their financial situation after an accident. To put it simply, we don’t get paid unless you do. And our compensation is figured as a percentage of what you’re awarded. After we reach a settlement for our clients, many wonder if that money is taxable and how to deal with reporting it to the IRS. The good news is that according to the IRS, as a general rule, personal injury settlements are not considered taxable income. However, be aware of a few caveats: • When you’re hurt in an accident and the injury prevents you from working, you may be eligible to get compensation for lost wages. If your settlement includes money for a lost wage claim, that portion will be taxable because it’s akin to wages, which are taxable. • Sometimes the person or entity you’re bringing a claim against will want confidentiality and offer compensation for it. Since this is outside of the realm of the nuts and bolts of a settlement — past and future medical bills, treatment costs, pain and suffering, etc. — it is considered taxable as well.
Each case is different, but we’ve won many sizable awards for our clients. After the medical bills are paid and other concerning costs are addressed, clients may wonder what to do with the remaining funds. In some cases, those funds are meant to be compensation for future years of lost earnings, so you’ll want to make sure to protect and preserve those funds. We recommend speaking with a professional financial advisor who can get to know your individual situation and make recommendations to ensure that money will last as long as it’s intended to. We hope this information has been helpful. If you have any questions about how the financial aspects of your case work, just ask. We know this can be a very stressful time, and we’re here to reassure you that we’ll do everything we can to make sure your medical and other costs are covered. NordenLeacox.com | 407-801-3000 1 –Zac Leacox & Nick Norden
HAVE CELEBRITY DIVORCES ALWAYS BEEN CRAZY?
What is it about celebrity marriages — and their
subsequent endings — that fascinates society? Depending on how you measure, telling the stories of makeups and breakups is a multibillion- dollar industry for media
organizations online, in print, and on TV. Are we really that hungry for nasty headlines? Or is something deeper going on in the human psyche? In the last 12 months, we’ve seen some of the worst marriage breakups in Hollywood history, but Amber Heard
5 Tips for Your Next Affordable Getaway
Are you excited to explore the world again? Or maybe you’ve just gotten back from your latest vacation! In either case, the economic challenges of the pandemic might require travelers to plan their trips a little smarter. Here are five tricks to do just that. 1. Consider your budget while choosing your destination. Any destination heavily impacted by tourists is going to be more expensive to visit. So, consider taking a tour through various French countryside towns instead of Paris! Not only could it be more culturally immersing, but it may even be more relaxing and less stressful than visiting a dense area. 2. Sign up for Scott’s Cheap Flights. One of the most important parts of booking an affordable vacation is booking it at the right time. Scott’s Cheap Flights will track all the cheapest flights at an airport of your choice — you’ll get over 50%–75% savings on highly rated airlines. This will get you stress-free travel for a much lower price! 3. Travel in a group. If you travel with friends, your expenses become a lot more manageable. Let’s say you and a partner travel with two other couples — renting a swanky cabin at $200 a night will only cost around $33 per person. Plus, you will create some amazing memories together! 4. Plan your meal budget ahead of time. Looking forward to eating certain dishes? Find local menus and prices to ensure you don’t spend more than you planned. If you want an authentic and homestyle culinary experience, consider signing up for a peer-to-peer dining experience through Traveling Spoon or Bon Appetour, which is tax-free as well! 5. Consider volunteering for vacation. Want to go on a self-discovery trip? Why not cut your expenses in half by volunteering? For example, Habitat for Humanity offers a nine-day Mexico trip for $1,200 with lodging, food, and activities included. You’ll get to build structures and create something permanent for the local community.
and Johnny Depp’s libel suit took center stage. As usual, “Whom do you believe?” was the question of the day, but it became obvious that both parties needed a therapist to work though serious emotional problems but tried unsuccessfully to do it on their own, instead. Perhaps the most disturbing element in the Heard/Depp trial was the violence that seemed to pervade their daily lives. But that’s nothing new; in fact, the violent behavior of both partners is likely what drew so much attention in the first place. That was certainly the case with O.J. Simpson’s breakup with his wife, which didn’t get half the headlines her murder would (and the “trial of the century” that followed) two years later. You could argue, though, that we’re getting better. When we look at the roots of the “celebrity divorce” phenomenon, it goes back in time to the realm of myth. The gods of Greece and Rome were always leaving each other and getting back together, a clear indication of the drama that interested our ancestors. But the most famous celebrity divorce of the pre-19th century (and perhaps of all time) was Henry VIII and Anne Boleyn. It had all the hallmarks of modern public breakups: People took one side or the other, with other parties still “shipping” Henry and his first wife, Catherine of Aragon. Henry and Catherine’s divorce led to the trauma of war across England and Europe. Like today’s celebrity cases, it didn’t last long. Anne was executed a few short years later when someone new caught the king’s eye. Henry VIII was the archetype of the modern Hollywood actor with the wandering gaze, and Catherine and Anne typified the women willing to give him “one more chance.”
Seeing how that ended, perhaps we should be grateful that things today are aired out in the media — instead of on the battlefield!
Traveling on a dime is no sweat with the right tools. Best of luck, traveler!
2 NordenLeacox.com | 407-801-3000
‘SPACE LAW’
Are We Headed for the First War in Space?
Earlier this year, Russia announced it would abandon its missions to the International Space Station in favor of a new, Russia-only station orbiting Earth. At the same time, China has begun working in earnest on its own permanent space installation, raining construction debris down on coastal Africa and other places. With private American interests gaining traction in orbit (and the confidence of our government), things are getting awfully crowded up there — and not by actors that typically play well together.
All of which begs the question: Will the 21st century see the first violent conflict in space? We have to delve into “space law” (yes, it’s really called that) to understand this question. It started in the 1940s and ‘50s, when the USSR launch of Sputnik signaled a new ground for scientific competition in the Cold War, as well as fears of more direct, armed conflict. The landmark “Outer Space Treaty’’ of 1967 was the response, and nations continued to deal with space concerns until the end of the century. The general principles were those of cooperation and goodwill, and that made sense in the 20th century, when it was unlikely any power would be able to seriously colonize stations in orbit or the moon itself, never mind other planets. But in the past 20 years, many countries have been unwilling to seriously commit to more specific agreements or laws. When you see the rapidly increasing presence many countries are seeking in orbit, you start to understand why. Nobody wants to hamstring themselves and compromise their interests when the resources of our solar system are made available through technology. Even though this may be a new arena, the problem is an old one. International Law — of which “space law” is a subset — is not typically enforceable and never has been. Private ventures, like those of Elon Musk, may face crackdown by their governments or the international community. But nations themselves will take what they want, when they want it — and right now, that could make peace on the final frontier a long shot in the 21st century.
Have a
Laugh
Tomato and Watermelon Salad (Yes, Really!)
Inspired by BonAppetit.com
Ingredients
• 4 cups seedless watermelon, rind removed and cut into 1/2-inch cubes • 2 heirloom tomatoes, cut into 1/2- inch cubes • 8 oz feta cheese, cut into 1/2-inch cubes
• 1 tsp peppercorns, coarsely crushed • 1 tsp coriander seeds, coarsely crushed • 1/2 tsp cumin seeds • 1/2 tsp turmeric • 1/4 cup coconut oil
Directions
2. Combine the watermelon, tomatoes, and feta on a large
1. In a small saucepan, sauté spices and herbs in the coconut oil for 3 minutes over medium heat to create turmeric oil. Take the pan off of the heat, then let it cool.
platter or in a bowl. Drizzle with cooled turmeric oil. Now, simply sprinkle with sea salt and enjoy!
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NordenLeacox.com | 407-801-3000
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407-801-3000 NordenLeacox.com 801 N. Magnolia Avenue, Ste. 309 Orlando, FL 32803
Inside This Edition
2 1 Personal Injury Finance FAQs
Have Celebrity Divorces Always Been Crazy? Want to Save on Your Next Vacation? Are We Headed for the First War in Space? Tomato and Watermelon Salad (Yes, Really!) Fight SAD Early!
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Fight SAD Early! Start Taking Vitamin D Now, Before the Sun Goes Away
4 NordenLeacox.com | 407-801-3000 Depression is one common symptom of vitamin D deficiency, especially in patients who aren’t prone to depression due to other circumstances. Unfortunately, very few foods are good sources of vitamin D. The best source is sunlight itself. Do you get SAD? We’re talking about seasonal affective disorder, which affects 1%–10% of the population depending on the state you live in. Symptoms of SAD are similar to symptoms of depression, but unlike chronic depression, which can occur at any time, people with SAD only experience symptoms during a certain time of year, usually winter. SAD has been strongly linked with shorter days and less sun — although summertime SAD can result from long days that make sleep difficult, resulting in irritability and mood swings. In most cases, however, winter is the problem season, likely due to a link between less sun and a vitamin D deficiency.
There are a few ways to combat wintertime SAD. Establishing a regular sleep schedule is important, as is an exercise routine and healthy diet. As mentioned, it’s hard to find vitamin D in foods, but milk and other food products are often intentionally enriched with it during processing. The most common solution, however, is taking a vitamin D supplement, which can be purchased over the counter at drugstores and grocery stores. It is commonly recommended for people living in places with harsher winters, and although there are negative side effects if taken in excess, a regular daily dose of vitamin D is a healthy way to ensure you have the right levels in your system. This month is the perfect time to begin that process. Vitamin D can take several months to build up to effective levels in our bodies. It may be the hottest time of the year in many places, but it’s also the ideal time to start fighting SAD early!
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