Planning How to Manage Your 9/11 VCF Award Money

Victim Compensation Fund Award Financial Planning

A 9/11 VCF award from the September 11th Victim Compensation Fund (VCF) is, for many individuals, the largest lump sum of money they will ever receive.

Not everyone can manage such sums with the necessary financial discipline. Some people may require guidance to prevent the 9/11 VCF award from disappearing too quickly—and potentially prolonging the financial troubles caused by a 9/11-related condition.

With careful planning and financial management, it is often possible to build a stable financial foundation that can continue to support victims and their families and ease the burden on their futures.

Let us look at how to plan to make the 9/11 VCF award last.

Average VCF payouts can range between tens of thousands of dollars and $250,000 or more. When these sums are in the higher range, there can be a temptation amongst some recipients to think that their financial troubles are over.

However, unless victims take the time to carefully assess their situation and plan wise investments, the available pot of money can dwindle rapidly—especially with a long-term condition that prevents victims from earning any income and incurs extra medical expenses besides those covered by the WTC Health Program.

Most financial problems of this nature stem from a lack of planning, poor investments, impulsive spending, or excessive generosity.

To maximize the value of an award, recipients should take the financial planning steps necessary to prevent the risks of funds dissipating and not being sufficient to last. Here are a few ideas to make the 9/11 VCF award money last and achieve greater financial security.

In most cases, the VCF award paid to the recipient is the final compensation issued for a 9/11-related condition.

However, there is a recognition that, in extreme cases, the effects of some 9/11 illnesses can worsen due to unforeseen circumstances and become more debilitating over time. In such cases, a 9/11 claims attorney may be able to assist in filing an amendment to the claim for additional compensation.

Victims need to provide evidence of the following:

• A certified 9/11 condition that has significantly worsened since the award.
• New information not included in the original claim would have increased the award amount.
• Out-of-pocket medical expenses totaling over $5,000.

A good example might be a certified cancer condition that was not diagnosed at the time of the claim, which resulted in a non-cancer award from the VCF.

If the VCF’s Special Master deems a condition “presumptively severe and debilitating,” a total of $340,000 may be awarded. This is the highest allowable amount for non-economic losses under the VCF.

However, most subsequent health conditions are not considered sufficient for an amendment to the original VCF award. This makes it essential to plan carefully for the amount issued with the original award.

Around seventy percent of responders and survivors enrolled in the WTC Health Program have been diagnosed with two or more 9/11-related health conditions. In most cases, these conditions are fully covered under the original claim.

If a serious condition develops after the original claim has been processed—and this considerably impacts the quality of life—speak to a 9/11 attorney about filing an amendment to the VCF claim for additional compensation.

Securing the maximum possible 9/11 VCF award is only the first step—though a challenging one for many 9/11 victims who must navigate a complex claims process.

A 9/11 VCF attorney can assist with this, potentially providing a solid foundation for financial security in the future for victims and their families. Beyond that, however, it is important to plan and optimize the management of the finances so that it lasts.

A VCF attorney can also assist with this, providing valuable guidance and support in an area that many people find challenging.

To discuss your situation and learn more about how we may be able to help you, please call Weisfuse & Weisfuse, LLP at 212-983-3000 or contact us online to schedule a free consultation.