Coming Into Money After a Tragedy: What Now?
This is not about being “rich,” but about building real, lasting wealth that honors your experience and supports your future. From understanding cash flow and handling requests from friends and family, to planning for housing, disability benefits, or special needs trusts, our goal is to help you make informed, confident decisions. We’re here to be the next leg of the relay, helping you take control of your financial future with empathy, clarity, and experience.
Common FAQs for Plaintiffs:
Wells Fargo Advisors Financial Network is not a legal or tax advisor. Any discussion of taxes represents general information and is not intended to be, nor should it be construed to be, legal or tax advice. Tax laws or regulations are subject to change at any time and can have a substantial impact on an actual client situation.
Receiving a financial settlement can change your financial situation and may lead friends or family members to ask for financial help. Saying no can be difficult especially when you want to support the people you care about.
We can help you establish a plan and clear boundaries for your settlement. Having a plan in place can make it easier to explain that your financial resources are committed to your long-term needs, goals, and financial security.
It may. Depending on the type of disability benefits you receive, a settlement or other financial assets could affect your eligibility for need-based government benefits. Programs such as Supplemental Security Income (SSI) and Medicaid have specific financial eligibility requirements.
Before receiving or spending settlement proceeds, it is important to understand how the settlement may interact with your existing benefits. Consult an attorney or tax professional for recommendations before you receive your proceeds.
A Special Needs Trust may be appropriate for individuals who receive or may need certain means-tested government benefits. Depending on the circumstances, a properly structured trust can help preserve eligibility for qualifying benefits while allowing funds to be used for supplemental needs.
Whether you need a Special Needs Trust depends on factors such as the type of settlement, your benefits, your assets, and your long-term financial needs. We can work with your attorney and other professionals to help determine whether a trust should be part of your wealth plan.
The tax treatment of a settlement depends on several factors including what the settlement is intended to compensate for and how the settlement is structured. Some settlement proceeds may be excluded from taxable income while other portions may be taxable.
Because settlement taxation can be complex, it is important to review your specific situation with a qualified tax professional. As mentioned above, your settlement can also impact any existing government benefits you may receive, so planning for the future is crucial. At Siracusano Sleezer Group we can help you understand how potential taxes may affect your overall investment plan.
Paying off debt may be an important part of your wealth plan, but it is not always the only consideration. Interest rates, cash reserves, future expenses, investment opportunities, and your overall financial situation should all be considered. Evaluating your debts alongside your other financial priorities before deciding how to use your settlement proceeds is part of what we do at Siracusano Sleezer Group.
Receiving a large sum of money can create new financial decisions and challenges. Common considerations include spending, investing, taxes, benefits, family requests, and long-term wealth planning.
Creating a plan before making major financial decisions can help you establish priorities and avoid making poor financial decisions based solely on short-term needs or outside pressure.
It can be helpful to begin planning before your settlement is finalized or as soon as you know a settlement may be received. Early planning can give you time to consider taxes, government benefits, cash-flow needs, investment options, and long-term goals.
The sooner you understand your options, the more prepared you may be to make informed decisions about your settlement.
Yes. Settlement planning often involves multiple professionals including attorneys, tax professionals, financial advisors, and trust professionals. As financial advisors, we can help coordinate the financial aspects of your plan and communicate with your professional team when appropriate.
At Siracusano Sleezer Group, our goal is to help clients understand how different financial decisions may work together as part of their broader wealth plan.
Before receiving settlement funds, consider how the money may affect your taxes, government benefits, cash-flow needs, debt, investments, and long-term financial goals. It may also be helpful to establish a plan for where the funds will be held and how they will be managed.
Planning ahead can help you make thoughtful decisions rather than feeling pressured to make immediate financial choices that can have long-term consequences. Schedule a free consultation with us so we can discuss building the foundation for your plan.
Siracusano Sleezer Group specializes in helping clients navigate the financial decisions that can come with receiving a settlement. We can help you evaluate your financial priorities, develop a personalized wealth plan, consider investment and cash-management strategies, and coordinate with your attorney and tax professional when appropriate.
Our goal is to help you make informed financial decisions that support your needs today and your goals for the future.