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Personal injury trusts

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Personal injury trusts

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  1. PERSONAL INJURY TRUSTS

  2. Table of content • Personal injury description • What defines a personal injury claim? • Who benefits from a PI trust? • The benefits of a PI trust • When should the trust be established? • What can the money be used for? • Our contacts

  3. Personal injury description • Personal injury trusts are known by different names • Compensation protection trust • Trust for disabled persona • Special needs trust All mean the same thing - a trust established as the result of a compensation award for a personal injury IT IS THE SOURSE OF THE AWARD THAT IS IMPORTANT.

  4. What defines a personal injury claim? • Not just suitable for awards as the result of a judgment or Consent order • Money held in the trust must be derived from a payment made as a consequence of a personal injury • But this may include: • Payments from critical illness or other accident policies • Criminal injury compensation scheme payments • Vaccine damage payments • Motor insurance bureau payments • Lump sum payments following charitable collections • Public donations made to injured parties • Out of court settlement

  5. Who benefits from a PI trust? • Those in receipt of means tested benefits or who are likely to receive benefits in the future • Vulnerable persons • Someone who has “spent” the money before it is received • Someone with predatory “friends” and relatives • Someone with a history of money or relationship difficulties • Someone lacking financial experience

  6. The benefits of a PI trust • Protection of means Tested benefits now and in the future • Protection against the cost of residential and nursing home care • Protection in the event of future loss of capacity • Possible protection from creditors • Possible protection in the event of divorce • Protection from negative influences

  7. When should the trust be established? Dependent on circumstances • The 52 week disregard • (Protects claimants means tested benefit entitlement • Protected for a period of 52 weeks from receipt of award) As soon as practicably possible

  8. What can the money be used for? • Spending should • be for the benefit of the beneficiary • have the agreement of all trustees • Typical uses may include • holidays • school or university fees • new car purchase

  9. CONTACT US 801 N. Brand Blvd. Suite 210Glendale, CA 91203 Tel. (818) 553-1000Fax (818) 553-1005 www.facebook.com/MargarianLaw www.linkedin.com/company/margarian-law https://www.youtube.com/user/dealerfraudlawyer

  10. For further information visit: http://margarianlaw.com/ https://en.wikipedia.org/wiki/Personal_injury_trust http://ow.ly/XkVCj

  11. Thank you!

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