settlements

[kalliesmom]

My question is if your child does receive a settlement and they are under 18 where does the money go and how can it be used? Thanks

[admin]

The hardest part of the lawsuit for us was the actual settlement part. This is where you must fight the hardest for your child. Most lawyers will recommend long term guaranteed annuities which lock the money up until certain ages over 18. This is good, but we did a combo and created trusts. We have access for education expenses, medical, etc. Remember there are alternatives to the total annualities. You must be firm and make sure you get access for medical, ie therapy. Alot of judges and lawyers want you to lock away the money from parents and children. I highly recommending doing 60 % or 50/50. Good Luck

[browning93]

The best thing to do is to let your attorney know what your needs are. We recieved a partial settlement in our case, going to trial with other doctor. Our attorney set it up so I could keep it liquid. We put part in a mutual fund and the rest in a money market account in the bank with me, the mother as guardian. I can't take any funds out without a court order. We have a separate guardianship attorney and if we need anything we let her know and she goes to the judge. I keep all her medical bills and expenses for 4 months and she goes to the judge and I get reimbursed or the judge releases the funds to pay those bills. ALOT of paper work, but worth it. Trying to put some in a prepaid college fund but waiting for the judges approval. Just some ideas.