Presented by your Florida Ringler Consultants: William Mathews, Jeffrey Klugerman, Scott Hoover
Workers’ compensation attorneys fight hard to secure settlements that reflect the severity of their clients’ injuries and long-term needs. But too often, a settlement that looks substantial on paper does not last in practice. Poor financial planning, loss of benefits, or unexpected expenses can erode even a well-negotiated award.
If the insurance carrier does not allow a structured settlement, or if settlement funds are already in the plaintiff attorney’s trust account and the carrier cannot take the money back, there are still effective ways to protect your client from potential spendthrift issues. At Ringler, we partner with several trusted financial institutions to provide alternative solutions when a traditional structured settlement is not possible. Through Legend Financial, for example, we can design customized annuity-based payout plans that provide steady income streams for your client—often with minimal tax consequences—while maintaining the financial protection and stability they deserve.
The Risk Attorneys Can’t Ignore
Many injured workers are thrust into a financial world they have never navigated before. Lump sums can disappear quickly when clients lack budgeting experience or face unplanned medical costs. Worse, if settlement funds aren’t structured properly, they may disqualify clients from essential benefits.
“Securing the settlement is step one. Protecting it so clients don’t outlive their money is step two.” —Steve Sandberg, Legend Financial
For attorneys, overlooking this second step can mean watching hard-fought awards evaporate, leaving clients vulnerable.
Layering in Financial Expertise
Legend Financial’s team works alongside attorneys and the settlement professionals at Ringler to provide planning strategies tailored to injured workers. Their role is not to replace the attorney’s advocacy but to extend it:
- Preserve government benefits through proper structuring of assets.
- Create financial discipline with professional management.
- Anticipate long-term costs including housing, transportation, and ongoing medical care.
- Provide education and reassurance for clients unaccustomed to managing large sums.
The message to attorneys is clear: by bringing in financial experts early, you expand your client advocacy beyond the courtroom.
Structures, Trusts, and Beyond
Just as structured settlements provide predictable income, financial planning ensures those payments are integrated into a broader strategy. Tools may include:
- Settlement trusts to safeguard benefits eligibility.
- Structured settlement annuities to guarantee income streams.
- Customized investment strategies aligned with client needs and risk tolerance.
“Financial planning gives attorneys peace of mind that what they’ve secured will last the lifetime of the client.”
Practical Questions for Attorneys
Legend Financial encourages attorneys to start conversations with these questions:
- What is the client’s monthly budget compared to settlement income?
- Does the client rely on needs-based public benefits?
- How will the client handle large, unexpected expenses?
- Who will manage or monitor the settlement funds over time?
Asking these questions early avoids pitfalls and ensures the settlement truly meets its intended purpose.
A Partnership That Extends Advocacy
For workers’ compensation attorneys, partnering with firms like Legend Financial offers more than numbers on a balance sheet. It’s about demonstrating commitment to the client’s long-term well-being.
The attorney’s advocacy doesn’t stop with the settlement—it evolves into ensuring that recovery is sustainable. With structured financial strategies, clients can face the future with confidence instead of fear.
Every workers’ compensation settlement represents a hard-won victory. But without financial planning, that victory can be fleeting. Attorneys who connect clients with financial expertise help transform a moment of relief into a lifetime of stability.
Do you have a client where a structured settlement isn’t an option or where the claimant has opted to take constructive receipt of the funds but still needs a guaranteed income stream for up to 40 years? Perhaps the settlement funds are sitting idle in the attorney’s trust account and there’s uncertainty about the next step. If so, we have a powerful solution backed by an A+ rated carrier. This approach works for both minors and adults and can provide the long-term financial security your clients are looking for even when a traditional structure isn’t feasible.
Ringler Settlement Consultants:
• William Mathews III (wmathews@ringlerassociates.com – (813) 431-7533)
• Scott Hoover (shoover@ringlerassociates.com – (407) 478-6622)
• Jeffrey Klugerman (jklugerman@ringlerassociates.com – (954) 349-2033)