In this edition of Speaking of Settlements, Mark Wahlstrom, President of Wahlstrom and Associates and host of The Settlement Channel, discusses the economic downturn, unemployment and financial uncertainty related to today’s job market and why guaranteed income and cash have never been more important for families.
One of the greatest mistakes plaintiffs, injury victims and trial lawyers make is to assume they will always be able to generate a secure, sufficient income through a job, a two-income family, their investment income or other financial resources. If a social security check or pension from a blue chip employer is the only guaranteed monthly income for someone, whether retired or disabled, how do they protect these streams of income in a market with depressed interest rates?
When issued by a large, responsible life insurance company, the structured settlement annuity has been proven over time to be THE single most effective means of providing stable, guaranteed, tax free income for injury victims and their families. This has also become increasingly true for lawyers themselves who need to defer taxes and guarantee income to fund their law practice.
Check out this week’s Speaking of Settlements and remind your clients again why opting for a structured settlement is probably the single most effective means of protecting your client’s long-term financial health.