Millennium Settlements Trusts | Tallahassee Florida Structured Settlements

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Option 3: Trust

A trust can provide some of the advantages of structured settlements without the drawbacks of limited flexibility and liquidity. A trust is a legal document established to manage your assets. You select a money manager to carry out the instructions set forth in the trust document.

Typically, the money manager is a trust company who charges an annual fee for managing the trust. The fee usually ranges from 1 to 1.5 percent of the managed assets. In most cases, the interest the trust company earns for you through investing and managing your money more than offsets the fee. Unlike with a structured settlement, however, the interest earned in a trust is taxable. There may also be legal fees required to establish the trust.

If you receive public benefits such as Medicaid or SSI, it may be necessary to create a trust to maintain eligibility for these benefits. The law provides for a unique kind of trust called a Special Needs Trust that can be established for the disabled to preserve their eligibility for public benefits.

Trusts are adaptable and therefore allow more flexibility as your life changes. It may be wise to use a trust in conjunction with a structured settlement annuity to take advantage of the benefits of each product. One way to do this would be to establish a trust with a lump-sum amount from the settlement. A structured settlement annuity would be purchased with the remaining settlement funds and the resulting stream of payments would go directly into the trust. This provides the benefit of a tax-free investment from the annuity and flexibility from the trust.

Millennium Settlements
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