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You Just Settled Your Lawsuit for Millions. Can You Go Buy a ROLLS ROYCE or a LAMBORGHINI Sports Car with the Money From Your Medical Malpractice Settlement?

The answer is yes you can.
You can buy a Rolls Royce.
You can buy a Lamborghini sports car.

You can buy that fancy Rolex watch.
You can buy that magnificent 3 carat diamond too.
You can by that mansion overlooking the water.

You can buy all those things.
But the better question is "Should you buy all those things?"
There's a difference between wanting something and needing something.

Let's assume you live in a small two bedroom apartment.
Let's also assume that you're not really thrilled with your current job.
Unfortunately for you, the doctor who operated on you was careless.

His carelessness caused you permanent and lifelong injury and disability.
You can't do your daily activities.
You need visiting nurses to help you every day.

You can't play with your kids.
You can't return to work.
Your life has been turned upside down.

You're miserable.
You feel sorry for yourself.
You feel guilty that you can't help your spouse and your kids.

Now they have to help you.
Your spouse returned to work to put food on the table.
Your kids are even trying to make some extra money to make ends meet.

You feel like a total failure.
You're now totally dependent on your family.
Before you were independent.

You decided to sue your doctor.

For medical malpractice.
You found an excellent lawyer who got your records and had them reviewed by a board certified surgical expert.
The expert confirmed that your doctor violated the basic standards of medical care.

That carelessness caused your injury.
Everyone who treated you confirms that your injuries are permanent.
That really sucks.

One year later, your lawyer calls to tell you the defense has offered to settle your case.
They realize they can't defend the case.
Your attorney begins negotiating.

A few days later, the defense makes their final offer.
It's a multi-million dollar offer.
Your lawyer recommends you accept it.

You agree.
After the attorney's expenses have been repaid and after the legal fee has been paid, you are still left with millions.
What are you going to do with all that money?

Listen, this is not a financial services article telling you where to invest your money.
You need financial advisors to help you there.
Instead, this is a cautionary tale.

Let's go back to the title of this article.
Can you buy that Rolls Royce you've always wanted?
Or that fancy sports car with a half a million dollar price tag?

The answer is yes you can...assuming of course you are an adult and there are no limitations or restrictions on your settlement money.
If this settlement involved a child, you would be unable to make those same purchases for you or for your child. (The court makes sure to protect that money until your child reaches the age of majority and can make those decisions for himself.)

Why do I say a 'cautionary tale'?

Statistically, when lottery winners receive money in a lump sum, they wind up spending most or all of it within a period of five years.
The same holds true for injured victims and injured patients who come into a substantial amount of money in a settlement or verdict in their lawsuit.

The fact is that most of these people do not have experience handling large sums of money.
They don't know where to invest it.
They don't know how to protect and preserve the capital.

Instead, many decide to go on buying sprees.
Buying material items that they don't really need.
Instead, they buy things that they now want.

A new house.
A luxury car.
Fancy jewelry, watches and diamonds.

Maybe a boat.
Maybe luxurious vacations.
There's nothing wrong with any of those things.

The problem is that this money is designed to last you for the rest of your life.
If you spend it like there's no tomorrow, the problem will be that you are likely to exhaust your money in a short period of time.
One day soon you'll wake up and realize you spent most or all of that money and you'll wonder how you and your family will live for the next thirty years.

Don't get me wrong.
I'm not saying you should deprive yourself of nice things.
But keep in mind what this money was designed to do.

It was designed to compensate you for all the harms, losses and damages you incurred because of your doctors' negligence.
Your best bet is to reach out to financial advisors for advice.
Invest in safe things to protect your capital investment while providing dividends that you can live on.

To learn about settlement strategies in lawsuits in NY, I invite you to watch a few of the videos in this series...

 


Gerry Oginski
NY Medical Malpractice & Personal Injury Trial Lawyer