Verus LLC, a nationwide leader in the fields of mass tort case management and settlement administration, will be combining its expertise with that of Begley Law Group and RBC Wealth Management to provide law firms with a range of services that will allow them to better manage settlement proceeds using Qualified Settlement Funds, Settlement Protection Trusts or Special Needs Trusts.
Law firms have decisions to make when they negotiate a settlement. The use of a Qualified Settlement Fund (QSF) allows them time to allocate the funds and handle any outstanding liens such as those held by Medicaid, Medicare and ERISA. The law firm’s fees can be distributed from the QSF quickly and settlement funds can be invested to generate income from the trust while healthcare liens, estate matters, and individual trusts are worked out. These investment proceeds can be used to offset the overhead of managing the QSF, and an earnings that exceed the operational costs are ultimately distributed to the claimants.
Special Needs Trusts are designed to hold settlement funds and provide financial support for a claimant without putting their eligibility for income-restricted programs such as Supplemental Security Income and Medicaid at risk.
Settlement Protection Trusts can also be set up to provide for the financial support of a minor, allowing settlement proceeds in trust until they reach the age of majority. Rules governing such trusts vary from state to state, with some jurisdictions allowing monies to be held on behalf of the beneficiary even after attaining the age of 18. The Begley Law Group and RBC Wealth Management are experts in navigating the rules for establishing and maintaining such trusts to ensure compliance. .
Begley Law Group has the expertise to prepare QSF documents and serve as QSF Trustee, and manages a nationwide network of experience estate and trust attorneys who understand the unique requirements of state law..
RBC Wealth Management’s financial advisors offer comprehensive wealth management solutions, working with law firms before settlement to develop a settlement plan and avoid delays. They can assist with the creation of a structured settlement as well as work with you to come up with asset management strategies and estate planning solutions that work for you.
Together, Verus, Begley Law Group and RBC Wealth Management can help law firms navigate the process of determining which settlement tools are best for you and your clients to maximize the impact of a settlement. Verus has decades of experience in handling mass torts and are experts in building claimant engagement, data collection and analysis and ensuring healthcare lien compliance and resolution.
