Yes you can. Social security settlements are exempt from creditors under Federal Law. Even though you live in Michigan, you can use the Federal Social Security statute to list your settlement, and claim it as exempt from creditors.
The ability to exempt the Social Security under the Federal exceptions is the "right to receive," once received they are no longer exempted under the federal exemption. It should also be exempted under the state exemptions, but your other exemptions will be limited.
