Workers' Compensation and Estate Planning
Workers’ Compensation and Estate Planning
On the surface, many injured workers do not see the tie between workers’ compensation and estate planning. The majority of compensable workers’ compensation claims will eventually result in a settlement. People oftentimes would prefer to take control of their own medical care, which is not permitted if the claim remains open and not ‘settled.’ If the claim is “settled,” they can seek medical treatment with their own provider and be done with the hassles of dealing with workers’ compensation insurance companies. However, there are some special situations that require very careful planning when considering a workers’ compensation settlement.
Georgia Workers’ Compensation Attorney
Typical workers’ compensation settlements do not result in a settlement that would require any financial planning. However, in the event that somebody is catastrophically injured, a settlement can be significant. In those cases, an annuity or a Medicare set-aside trust may be part of the settlement package. Further, workers’ compensation death claims and benefits to survivors can continue on for many years. In the case of a catastrophic injury, an injured worker is entitled to medical treatment and weekly benefits, presumably for life. In the case of paralysis or severe brain trauma, this can be millions of dollars in future medical care at a minimum.
Estate Planning for Workers’ Compensation Settlements
That is when estate planning becomes a concern. If an injured worker dies during the pendency of the claim, the claim does not “live on.”
There are no benefits that continue after that. Therefore, some injured workers also choose settlement as a way to protect their loved ones’ futures. An estate planning attorney can help an injured worker, structure a settlement, and possibly invest settlement money to protect him or herself as well as the client’s loved ones. It is important to understand this connection between workers’ compensation and estate planning. Contact a Georgia workers’ compensation attorney to maximize your claim value and use an estate planning attorney to help you with your claim settlement.