Economic Meltdown
If you have an attorney holding your structured settlement money in a trust account, it is incumbent on you to make sure your money is held in a financially viable banking institution. The current financial economic problems have led to warnings that courts have complete leeway to determine attorney responsibility in the loss of settlement funds in the event of a bank failure.
In the past, a New York appellate court ruled in the loss of settlement funds due to bank failure that the attorney was not to be held responsible (Bazinet v. Kluge, New York 2003) though funds exceeded the FDIC insurance guarantee. But who is to say a different judge in a different state will not rule differently as the tide turns against banks?
One of the safest steps you can take to protect your structured settlement is to sell it to a broker for a lump sum. Then you can deposit the money however you feel keeps it protected from the economic problems in the financial marketplace.
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