Brad Cecil Episode 2:  Brad Cecil is an objective settlement advisor with Ringler.  He works with attorneys and their injured clients to provide structured settlements, which protect and preserve funds from an injury case settlement or jury verdict.  In this episode, he’ll discuss how a Ringler structured settlement can be extremely helpful for minors who were significantly injured.

Brad explains that a structured settlement is a series of payments that can be arranged, rather than giving someone the responsibility of managing a lump sum payment from an injury settlement.  It can provide monthly income.  It can be set up to enable larger payments at certain ages, to help the individual and/or family plan for future needs. 

The funds and interest are tax-free.  The payments are guaranteed, which is something you can’t get in the stock market.

Structured settlements can easily be set up to pay for college costs.  If the settlement is large enough, a structured settlement can provide lifetime payments for ongoing care and milestones in life. 

Medical equipment and specially-adapted vehicles will need to be replaced overtime.  A structure can anticipate those future needs and provide funds for them.  Brad works closely with the injured person (or his/her representative) and the attorney to craft a detailed plan that provides a safety net of financial security.

Structured settlements were specifically authorized by the government to assist people who were significantly injured.  This is one of the reasons the funds maintain the tax-free status.

Parents and guardians of injured minors often worry that if the money will be given to the child, once he/she turns 18 years of age.  Most of us didn’t make wise financial decisions at that age.  A structured settlement is designed to pay for ongoing needs, including college.

Paying for College

If a minor applies to college and wants to also apply for financial aid, having a large injury settlement sitting a bank account can make it very difficult for him/her to receive needs-based financial aid.  However, this problem can be avoided if a structure settlement is in place.

What if We Don’t Use a Structured Settlement?

Most parents don’t realize that the funds from an injury award to a minor are usually held in a blocked account by the court.  The funds don’t automatically go directly to the caregiver(s).  Limited access is provided, but an annual accounting of all disbursements and how the funds were spent is required.  The funds may only gain a small amount of interest.  At the age of 18, the minor will receive access to all of the remaining funds, by law.  A structured settlement provides much more flexibility, without the annual reporting.  The structured settlement provides peace of mind.

Brad Cecil can work with people throughout the United States, even though he’s located in Louisville, Kentucky.  There is no fee to develop, implement or manage a structured settlement.

Normally, the plaintiff’s attorney will contact Brad regarding a specific client.  Brad can work with the attorney, the injured minor and his/her parents (or guardians).  Sometimes they meet face to face or they may decide to video conference (via Zoom for example). 

Brad takes time to speak directly the parents to determine the important needs, issues and concerns.  Some catastrophic injuries will require extensive financial planning.  Brad can also involve other Ringler professionals to assist, as needed.

To Contact Brad Cecil at Ringler:

Phone:  (502) 499-2086

Email:  [email protected]

Website:  www.RinglerAssociates.com

When Should You Contact Brad?

It’s often better to begin that important conversation as early as possible.  This may even be before a mediation has taken place.  The more time there is, but better a plan can be individually crafted to address all of those needs, issues and concerns.  However, even if the mediation has already begun or has concluded, Brad use his experience to work quickly on behalf of the client.

Do Judges Like Structured Settlements?

In Brad’s professional experience, he feels judges welcome the involvement of a structured settlement because it helps to ensure the funds will be used properly and for the benefit of the injured minor.  As we discussed earlier, a structured settlement also eliminates the annual reporting to the court regarding where the funds are.

If you’re an attorney who would like to speak with Brad, please don’t hesitate to contact him.  Often a brief conversation can result in long-term security for your client and his/her family.  Brad’s here to help you and your clients to make informed decisions.

Thank you for taking the time to listen to this interview with Brad Cecil on the Ringler Settlement Advisors Podcast.