White House Financial & Settlement Consulting, LLC helps families live an easier and less stressful life through the achievement of their financial goals by providing comprehensive, fee-only, client focused financial advice and exceptional service.
This week I was contacted by the father of a young man, let’s call the young man Joe who is age 20. Joe had suffered a traumatic brain injury as the result of an auto accident and had received a settlement of $50,000. Joe’s father was concerned because Joe had already blown through half his settlement in a month due to his discovery of cocaine, which some new “friends” he was spending a lot of time with introduced him to. Joe’s father had heard of something called a Structured Settlement, which he thought may help preserve the remainder of Joe’s settlement from being squandered. Structured Settlements are a financial vehicle which have been around since the 1980’s that facilitate receiving a legal settlement with interest income tax free over time and can sometimes have benefits over receiving the settlement all at once in a lump sum, as in this case. Joe’s father contacted me because my firm, White House Settlement Consulting that I founded in 2001, has been helping