Besides offering you the best legal advice, our brain injury solicitors also have access to independent financial advisers who can provide specialist advice and guidance to review your personal finances and ensure that you are getting everything you are entitled to.
They provide early direct assistance and advice which includes:
- Budget review – a review of your income versus your outgoings. Under normal circumstances a good rule of thumb would be that your monthly income is split so that 50% goes on your needs, 30% on your wants and 20% on savings and paying off debts. If your income has been affected by your brain injury, your priority should be to make sure your monthly income, after tax, covers what you need i.e. the basics you need in order to have an acceptable quality of life which are likely to include: your mortgage or rent, utility bills, essential weekly shop for food, clothing and toiletries, and minimum payments on any credit accounts;
- Insurance policy/employee benefit review – helping to identify which policies are in place, which have matured and which, if any, can be claimed upon. Examples of such policies are payment protection insurance, mortgage payment protection insurance or short-term income protection insurance;
- The use of personal injury trusts to protect state benefits – a personal injury trust will help you to protect your brain injury award whilst maintaining entitlement to state benefits;
- Considering periodical payments as part of your compensation award – financial compensation can be paid by way of a lump sum payment, periodical payment or a combination of both. Periodical payments are paid annually, tax-free, throughout your lifetime;
- Financial planning and investments for individuals, trust and deputies – your personal injury award is vital to your future wellbeing as your injury may have an impact on your future income. An Independent Financial Adviser will help you to invest funds received, to ensure they get the best return to provide funds that are available throughout your lifetime.