Planning for the Future with Your VCF Award Money

September 11th Victim Compensation Fund (VCF) payouts can range between tens of thousands of dollars and $250,000 or more. With such a substantial award, planning for the future with your VCF award money is essential to ensure you protect your future quality of life and maximize the value of your award. Dissipation risks, future medical expenses, and income replacement should all be taken into consideration when planning for your VCF award money. 

Determining a life care plan and making smart investments can also help you plan for the future. Securing your VCF award is the first step, but planning for how you will manage your VCF award money in the future is a step you won’t want to miss. There are some things you can do now to mitigate risks and secure your future finances. 

Avoiding Dissipation Risks

Dissipation is one of the primary concerns when it comes to planning for the future with your VCF award money. Dissipation, in the context of your VCF award, is if the award funds do not last as long as planned. This can happen for many reasons, a lot of which come from the best intentions, yet leave individuals in a financial bind. Lack of planning, poor investment, impulsive spending, and generous loans or gifts to loved ones can all be culprits in the dissipation of one’s VCF award money. There are several options to avoid these pitfalls, including restraints that one may choose to put on the allocation of their VCF award. Using an investment account, trust, or structured annuity can also help mitigate the risks of dissipation of your VCF award. 

Plan for Future Medical Expenditures and Future Income Replacement

One of the most important factors to consider when planning for the future is future medical expenses. 9/11 victims may continue to need medical attention for a variety of ailments, and VCF award money may need to be used to cover these costs. Fortunately, the World Trade Center Health Program (WTCHP) was created to provide medical treatment and monitoring to those individuals who have suffered physical or mental health conditions as a result of the attacks on the World Trade Center (WTC). If you were in lower Manhattan or the surrounding areas on September 11, 2001 or in the months following, registering with the WTCHP is an important step in planning for your future medical needs.  However, it is important to plan for other medical expenses since the WTCHP covers only 9/11-related conditions.

Additionally, if you have experienced a personal injury that prevents you from working due to the events of 9/11, you may need to consider future income replacement. A VCF award may include money to cover lost wages and other financial hardships resulting from your illness. Making a plan now to properly preserve this award will give you peace of mind that your living expenses are covered for years to come.

Take it One Step Further and Determine a Life Care Plan

You may also want to create a more comprehensive picture of your future situation in order to properly allocate your funds. A life care plan is an evaluation of your current and future financial needs, including an estimate of the costs associated with the medical care you will require and the costs of daily living including food, housing and more. This can include anything from medical equipment and services, to travel expenses and living assistance. Experienced 9/11 attorneys can help you create a life care plan and ensure that you receive a settlement offer that covers future medical costs pertaining to your particular medical condition.

Make Smart Investments

Making smart investments with your VCF award money is one of the best ways to ensure your future financial security. With the right decisions and a good plan, you can turn your VCF award money into a lifelong source of income. Here are some tips to help you make wise investments.

First, assess your financial situation and figure out what investments make the most sense for you. Consider your current income and debt, your future goals, and your risk tolerance. 

Next, research various kinds of investments such as stocks, bonds, mutual funds, and real estate. Make sure to read up on the different types of investments and understand the risks involved. A financial advisor can help you understand the best ways to invest your money to ensure a secure financial future. They can help you understand the risks associated with different investments, so that you can make the best decisions for your financial goals.

Finally, create a plan and stick to it. Investing your VCF award money is a long-term endeavor. Create a plan that will help you stay on track and reach your financial goals. Monitor your investments regularly and adjust your strategy as needed.

Consider Working with Professionals for Guidance

When it comes to planning for the future with your VCF award money, it is important to consider working with experienced professionals. An experienced personal injury attorney who specializes in 9/11 VCF claims can help you understand the claim process, walk you through settlement negotiations, and help you get the compensation you need to plan for your future. A financial advisor can help ensure you make smart investments with your personal injury settlement money.

Our 9/11 Attorneys will Get You the VCF Award You Deserve

At Hansen & Rosasco, LLP, our experienced 9/11 attorneys will fight to get you the 9/11 VCF award you deserve. We understand the importance of careful planning for the future, and can provide guidance throughout the VCF application process. We have extensive experience in 9/11 VCF personal injury cases and VCF personal injury lawsuits, and will ensure that you receive the maximum settlement offer for your medical bills, lost wages, and other financial hardships resulting from your 9/11 exposure. With our help, you can secure a comfortable quality of life for many years to come. Contact us today to learn more.