So What Happens When You Win Your Personal Injury Claim?

Photo of author

By Dzhingarov

After filing a personal injury lawsuit, working with your lawyer to get the results you want, and getting a favorable decision, you will probably be a bit shocked. Learning that you have won a personal injury claim, either in person while or via your lawyer, will make you feel a bit like you have just won the lottery. Regardless of the size of your settlement award, being victorious in court after suffering an injury is a huge vindication. Here is what every personal injury claimant should do.

After You Pinch Yourself, Thank Your Attorney

Of course, you will want to ensure that you have settled up with your attorney or have made an arrangement to do so via your financial settlement. After that, giving your lawyer a heartful thank you, perhaps sending a card or even offering a hug is definitely in order. Remember that you and your lawyer fought very hard to get this desired outcome and that the journey you went to together is going to be unique. The professionals at Smiley Injury Law have a lot of experience with winning personal injury claims and receiving thanks from satisfied clients. You can express your thanks with a smile, a handshake, or even by giving referrals.

Make Sure You Satisfy Any Tax Liabilities  

Winning a personal injury claim usually means that the plaintiff in the case receives financial compensation. You have to be careful to take care of all obligations, such as taxes and outstanding legal fees before you dip into the money. Yes, you likely have medical and even personal bills to pay but you also want your settlement to be a help and not a hindrance. A certified accountant can not only show you what you will need to pay in federal and state taxes, but a tax professional will also aid you with deductions.  

Also Read:  What Is The Pattern Day Trader Rule?

Determine What to Do with The Remainder of Your Settlement

Some people buy homes, pay for their children’s college education, or even start businesses after winning a personal injury claim. You might simply want to put your settlement money in the bank to save for retirement, or at least until you decide on what to do with it in the end. Always look for the best and safest methods of securing your funds, as the interest earned on your settlement could be sizable. Meet with a financial advisor. Run your financial options by your loved ones. You don’t want to tell too many people that you have a settlement available but getting feedback from the people you trust and respect can be smart.  

Your life could change in a very good way after you win your personal injury claim. Then again, you might just be looking forward to things getting back to normal. Although receiving an injury claim settlement can be exciting, it is also a reminder that something quite unfortunate happened in your life. Let your settlement be a reminder that you survived a difficult experience and that you and your family will be able to thrive once more.