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After the successful conclusion of a claim for damages, what next?

If you are injured in an accident and successfully conclude a claim for damages, it is worth considering the impact this could have on your financial situation. If at the time of the accident you are in receipt of means tested state benefits, a lump sum could have an implication on these benefits.

This will depend on the amount recovered and what other savings/assets you may have. Once you have received a lump sum, you have a 52 week disregard in which time the funds will not affect your means tested state benefits. However after the expiration of the 52 week disregard and you still hold a substantial sum of money, you may find your eligibility for certain means tested benefits restricted. One way of safeguarding means tested benefits is through the creation of a Personal Injury Settlement Trust. Funds which are held in Trust are not taken into consideration when a financial assessment is made regarding your eligibility for state benefits.

Dallas McMillan have a wide range of experience in the setting up and running of Personal Injury Settlement Trusts and should you wish to discuss whether or not this may be an appropriate option for you at the conclusion of the case we would be happy to discuss matters further with you.

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