Litigation

Prudent risk management is important in any financial plan, particularly those that are doling out advice to anyone, let alone tort victims with catastrophic injuries, who likely have little to no means to earn back mistakes.

Anyone can have unforeseen medical bills. Isn't that why plaintiffs need liquidity in their settlement plans? Do you have insurance? Do you have an HSA? Do you need a special needs trust?

What sort of risk management have you done to protect a drop in income or wealth? Do you have a budget and adhere to it? Do you have a reserve fund? Do you have disability insurance? In dual income households, have you planned for the contingency that one spouse may die prematurely.  But for "Sully" Sullenberger some families of US Airways 1549 might have been looking at that question in hindsight.

The old adage "people don't plan to fail, they fail to plan" resonates.

Structured settlement annuitants who spend recklessly on material items and fail to budget are susceptible to the sirens of financial crack dealers and cash now pushers. It is clear how the New York Judiciary feels about tort victims mismanaging their money. Which is worse "the squandering tort victim", or the "squandering settlement adviser?".

Why should we not question the credibility of those who emphasize "extensive financial services careers" or "spearheading multi million dollar portflios" in their sales pitch to tort victims, yet demonstrate a reckless lack of discipline with their own finances?