Ways to Keep Your Personal Injury Settlement Private and Protected

Receiving a personal injury settlement provides relief from the financial burden that comes with injuries. However, to ensure the relief is not momentary, you will want to protect your personal injury settlement and keep it private. If you fail to do this, and the compensation becomes public knowledge, you leave yourself open to claims from creditors, an ex-spouse, or other parties.

To help you prevent the above scenario, we will share ways to keep your personal injury settlement private and protected. Having this information will help you maintain confidentiality and protect your money and financial future. Our team at Terry Bryant Accident & Injury Law can help you prevent your settlement from becoming public knowledge.

If you retain our services, we will protect your settlement and rights. We will ensure you get fair compensation that covers both your economic and non-economic damages. Call us now at (713) 973-8888 or toll-free 1 (800) 444-5000 for a free and confidential consultation.

Why Choose Our Personal Injury Lawyers to Represent You?

At Terry Bryant Accident & Injury Law, we have seen the hardships victims face due to their injuries and inability to work. Financial troubles are one of the devastating consequences of an accident, which is why we do not relent when representing our clients. We aggressively pursue the party that harmed you while providing you with compassionate representation.

Our personal injury lawyers will negotiate to get you the best possible outcome and will advise you on what to do and avoid to maximize your claim. We have secured over a billion dollars in settlements and verdicts for our clients. We serve cities across Texas, so you can contact us if you want a legal team that will work tirelessly to get you the best possible outcome.

We care about your financial future and will prioritize your best interests every step of the way.  You can trust us to represent you before insurance companies and advocate for you in court.

Why You Need to Keep Your Personal Injury Settlement Private and Protected

A settlement covers your medical expenses, lost wages, and other financial and non-financial damages. However, failing to protect and keep your personal injury settlement private could expose you to unwanted attention, legal claims, or economic risks. Below are some reasons you should protect and keep your compensation private.

Avoid Unwanted Attention

When you receive a large settlement, it can attract interest from friends, family, or even scammers who may seek financial assistance or exploit your situation. Keeping your settlement private helps you avoid unnecessary pressure or uncomfortable conversations.

Prevent Creditors and Debt Collectors From Claiming It

If you have outstanding debts, creditors may attempt to seize a portion of your settlement. We can help you with proper legal structuring to avoid this. We will place the settlement in a protected account or trust to protect it from these claims.

Protect Against Ex-Spouses or Legal Claims

If you are going through a divorce or have other legal obligations, a disclosed settlement might be considered during property division or legal disputes. To avoid this, you should keep the settlement information private.

Maintain Control Over Your Finances

When too many people know about your settlement, they can talk you into making hasty financial decisions that can have adverse outcomes — for example, investing in crypto when you do not know how it works. Keeping your investment private gives you time to weigh your options and invest wisely without external influence.

How to Keep Your Personal Injury Settlement Private and Protected

The following are ways to protect your personal injury settlement and keep it private:

Use a Confidentiality Agreement

A confidentiality clause is one of the most effective ways to keep your settlement private. You or your lawyer can negotiate it as part of your settlement agreement. This clause prevents both parties from publicly disclosing the settlement details, including the amount awarded.

Here are the benefits of using a confidentiality agreement:

• It keeps the defendant or their insurance company from sharing the settlement details.
• It reduces the risk of public exposure, especially in cases where the defendant is a high-profile person, a known company, or a government entity.
• It reduces the chances that family, friends, and creditors will learn about the settlement and make financial demands.

To ensure privacy, a confidentiality clause must be negotiated before finalizing the settlement. Without it, the other side can disclose the terms of the settlement.

Use a Structured Settlement

A structured settlement distributes your money over time instead of in a lump sum payment. You will agree on a payment schedule with the other party and get paid on the agreed dates. A structured agreement has several benefits, including the following:

• It reduces the likelihood of drawing attention to a significant lump sum payment.
• It can be designed to reduce tax implications and protect your eligibility for government benefits.
• It helps you manage your finances over the long term, keeping you from overspending or making poor investment choices.

Your attorney and a financial partner can help you structure the settlement in a way that fits your financial goals and needs.

If you’re expecting a settlement and need guidance on protecting it, consult our qualified personal injury lawyers. 

Establish a Trust to Hold Your Settlement

A trust helps to keep your settlement private and protected. Instead of receiving the money in your name, it will be placed into a trust managed by a trustee, which helps to shield your assets from public records and legal claims. There are several kinds of trusts that can be set up for settlement protection:

• Revocable Trust: A revocable trust can be modified or dissolved as needed. However, it may not provide complete protection from creditors.
• Irrevocable Trust: This type of trust provides stronger protection because the assets legally belong to the trust, not you. Thus, it is harder for creditors, ex-spouses, or others to access the funds.
• Special Needs Trust: If you rely on government benefits like Medicaid or Supplemental Security Income (SSI), placing your settlement in a special needs trust can help maintain your eligibility.

Our attorneys can guide you on the best option based on your unique needs.

Keep Settlement Details Off Social Media

If you want a private personal injury settlement, keep it off social media. Avoid posting anything that alludes to receiving a significant settlement. Don’t use words like “big wins,” “life-changing money,” or “a life-changing event.” These words can raise curiosity and attract unwanted attention, and keep in mind that once information is shared online, you cannot control who sees or uses it. Even if your account is private, those with access who can view your posts can share the information.

Protect Your Settlement From Creditors and Legal Claims

If you owe debts or get sued in the future, your settlement can be at risk. Therefore, you need to safeguard your money. We recommend discussing legal strategies with your attorney. Also, don’t mix settlement funds with other assets, as this can make it easier for them to be seized in a lawsuit.

How a Lawyer Can Help You Protect Your Personal Injury Settlement and Keep It Private

A lawyer is vital to protecting and keeping your settlement private. When you retain our services, we will do the following for you:

• Negotiate and draft a confidentiality agreement
• Structure the agreement to help you avoid overspending and keep your finances discreet
• Establish a trust to protect the settlement from creditors
• Help you maintain your eligibility for government benefits
• Properly plan your taxes if you received punitive damages
• Keep your settlement from being targeted by an ex-spouse
• Draft legal documents that protect your settlement.

Having a reliable legal team makes securing your settlement and protecting your financial future easier.

We Can Help You Protect Your Personal Injury Settlement

At Terry Bryant Accident & Injury Law, we are experienced and dedicated to securing the best possible outcome for our clients. We have a successful track record with positive online reviews and client testimonials. Our work starts long before the settlement phase. We will investigate your claim, gather evidence, and inform you of your case’s strengths and weaknesses.

We’re proud to be the first lawyers our clients call when they need help, and we have helped thousands of injury victims over the years get the justice and compensation they deserve. While we are proud of our past successes, our top priority is your future. We work on a contingency fee basis, so call us now at (713) 973-8888 or toll-free 1 (800) 444-5000 for a free and confidential consultation.