fbpx Skip to content
What To Do After You've Received a Large Settlement for an Injury?

What To Do After You’ve Received a Large Settlement for an Injury?

Table of Contents

How Do You Manage Your Money?

All of the suggestions below can assist you in developing a strategy for safeguarding and managing your personal injury compensation.

Develop Your Budget from the Settlement

Create a budget based on your monthly costs. Before your injuries and settlement, you may not have ever developed a budget. You may believe that a budget is the last thing you require (after all, you have access to real money now). Even so, you undoubtedly still need a budget, even now, despite the fact that it may seem unnecessary.

Get Help from McKay Law on Your Planning

More than ever, after you receive your check, come back to McKay Law for continued help. We help our clients keep up with their newfound fortunes.  It will be far too simple to lose track of the money that comes in and goes out if you don’t set a baseline of your income and expenses. The act of preparing a budget will assist you in developing spending discipline.

Furthermore, creating a budget allows you to separate and differentiate “needs” from “wants,” giving you a clearer sense of how much money is “leftover” to fulfill your larger, long-term goals. Examine your insurance policy. Everything from your life and health insurance to your auto insurance should be reviewed. What influence does your change in circumstances have on your insurance requirements? Do you require additional coverage? What if you had less insurance? What new assets do you need to safeguard, if any?

Drafting Your Will

Examine your will and any documents related to “estate planning.” Is it time to amend or revise your will or other trust documents? If you don’t already have a will, now is a good time to make one and start thinking about other “estate planning” issues.

Get Help from Financial Professionals

Seek expert help. You can complete all of the actions outlined above on your own, but if you’ve never dealt with a situation like this before, you may want to seek advice from one or more specialists, such as:

  • A specialist in insurance.
  • An attorney who specializes in estate planning.
  • A tax expert (e.g., a CPA)
  • CPA or tax lawyer.
    Although your personal injury settlement is not taxable, any income you receive from investing your settlement money is almost certainly taxable. It’s an understatement to say that the tax system is complicated and perplexing. The best course of action is to presume that some amount of your settlement may be subject to taxes at some point in the future and to consult with a lawyer to avoid any unpleasant surprises.
  • A financial consultant.
    A financial advisor is a specialist who knows how money works and can assist you in making sound financial decisions. A good financial advisor will examine your current situation and present you with solutions to assist you get the most out of your personal injury settlement.
  • A word of caution: not all financial advisors are the same. Some are well-educated, well-trained, and self-sufficient; others are glorified salespeople promoting a specific investment firm’s product. Before you hire a financial advisor, do your homework.

McKay Law can continue to serve as your trusted advisor and help you choose the right professionals to ensure your financial well-being.

About McKay Law

Caleb Moore
Caleb Moore
Read More
This business does truly care about their clients and their needs! They have an amazing staff, and are one of the best places in the area for sure!
Amy Patterson
Amy Patterson
Read More
McKay Law and Attorney Lindsay McKay were extremely prompt with in helping me with my wreck! She is very knowledgeable of the law!
Alexandra Serrano
Alexandra Serrano
Read More
She, was very helpful she gonna fights for your right !!! Awesome lawyer and company’s 👍🏻👍🏻👍🏻👍🏻👍🏻👍🏻
Carmen Montoya
Carmen Montoya
Read More
Lindsey and her team were very professional! I am so thankful to have had them work on my case.
Jenny Wakeland
Jenny Wakeland
Read More
Mrs. McKay treats her employees well. She is knowledgeable, professional and trustworthy. She truly cares about her clients.
Cobbie Johnson
Cobbie Johnson
Read More
Very professional greatest law firm I’ve ever worked with.

Why McKay Law?

Lindsey McKay | Personal Injury Lawyer | Personal Injury Attorney | McKay Law | Legally Bold
McKay Law | Legally Bold | Personal Injury Lawyer

Passion For Justice – Compassion For Clients

Compassion. Confidence. Commitment.

Millions

Millions in recoveries for our clients.

10,000 +

More than 10,000 cases closed and settled for our clients.

20 +

20+ years of combined experience with of counsel addition.

Reasons to Hire
McKay Law

VIP / White Glove Service | Reasons to Hire McKay Law

VIP / White Glove Service

We are Available 24/7 - We take care of our client’s needs – whatever they may need – and advise and instruct from beginning to end.

We Care | Reasons to Hire McKay Law

We Care

We hope to you change your life and your situation and turn something tragic into something long lasting. No issue is too tiny for us to consider or too big for us tackle.

We Listen to Learn Your Story | Reasons to Hire McKay Law

We Listen to Learn Your Story

Injuries, pain, stress of life, the case, finances – We want to know you and be the voice to tell your story to MAXIMIZE results.

Any Legal Issue | Reasons to Hire McKay Law

Any Legal Issue

We are legally bold to help you. If we can’t address, We know the best.

Maximize Case Value | Reasons to Hire McKay Law

Maximize Case Value

We will ensure we can get you most $ possible.

No Fee Unless We Win | Reasons to Hire McKay Law

No Fee

Unless we win and also NO FEE for handling property damage.

Over 40 Years of Service | Reasons to Hire McKay Law

20+ Years of Combined Experience

We have a long-line of success and a team that has worked together for decades and have perfected streamlining the process to make something stressful and painful as seamless and easy as possible.

Accident & Injury Lawyers

No Fees Unless We Win.

We Listen to Our Clients.

Hopkins County Courthouse | McKay Law Personal Injury Lawyer
Lindsey McKay | Personal Injury Lawyer | Personal Injury Attorney | McKay Law | Legally Bold
We are dedicated trial attorneys with the experience and drive to get maximum compensation for our clients. We handle personal injury cases that involve the following matters: drunk driving accidents, nursing home negligence, uninsured or underinsured motorists, motor vehicle accidents, sexual abuse, product liability, auto defects, animal bites, work-related injuries, medical negligence and fatalities.
1 Step 1

Free Consultation 24/7

You may be owed money. 

Call our Personal Injury Lawyer now: (903) 999-2653 or use the form below. You can also calculate your total damages for settlements.

keyboard_arrow_leftPrevious
Nextkeyboard_arrow_right
FormCraft - WordPress form builder