Mesothelioma Victim Financial Planning

Mesothelioma Victim Financial Planning

Many times, because of concern for family finances a mesothelioma victim may push aside concerns about their personal pain. Instead, they focus on the harsh financial realities that come along with this serious disease. Very few people have a financial plan in place that would provide good medical care, cover the cost of litigation and give proper support to their families in the wake of a such a life-altering disease.

Whether you have the money or not...

No matter what your current financial situation is, there are steps you can take now to prepare for the difficult road ahead. You may want to consider retaining the services of an experienced mesothelioma attorney who can investigate an asbestos claim for you and file a lawsuit in your behalf.

Figuring out your financial picture

When looking to do this, your first course of action should be to take inventory of your assets (what you own) and your liabilities (what you owe to others). The difference between the two shows you your financial standing in either direction and gives you a footing, so as to make your next moves.

It helps to list the amount of monthly income you take in its source, along with the amount you pay out each month. Gather all of this info and meet with your legal or financial advisor.

According to your situation and circumstances, your advisor may recommend a list of different actions like acquiring litigation financing or other options to help you and your family fund your medical bills and living expenses.

Some of these actions are as follows...

Liquidating low-earning assets – CDs, money market accounts, and bonds fit this description, and are usually able to de liquidated without harsh tax implications.
Liquidate mutual funds and stocks – Unfortunately, selling off higher earning assets like these could have tax consequences, but when you need the money to pay for medical care, the tax implications may seem small.
Tap into your retirement accounts – Remember though, that even though you won't have to pay a penalty on early withdrawals from your retirement account due to your disability, you must still pay taxes on the amount that you withdraw.
Borrow on margin – Borrowing against stocks held in your brokerage account may or may not be a good idea in your situation. Ask your advisor very specific questions about this option to see if they feel it would be to your advantage to do so.
Take out a home equity loan – If you already had a home equity line of credit when you became ill, this may be the time to put it to use. Interest on home equity loans is relatively low and may be tax-deductible.

Other financial resources include life insurance policies with a cash value or even friends or family with money that would be willing to help you in such a manner. Using cards and doing reverse mortgages can be risky, so be sure to ask the opinion of a professional before pursuing litigation funding in such a manner.

MONETARY COMPENSATION FOR THE MESOTHELIOMA VICTIM

As the victim of an asbestos-related disease, you may be entitled to very significant financial compensation from the party responsible for your asbestos exposure. A qualified lawyer who is experienced with mesothelioma victim cases will have so many useful tools at their disposal like additional litigation consultant workers that can explain your legal rights and answer questions that you are sure to have. Be sure to be very selective in your choice of attorney, so as to get someone who can truly help you and your families financial situation and not cause more stress than has already occurred.

Leave Mesothelioma Victim Financial Planning and Return Home