United Brachial Plexus Network, Inc.

Finally after years of this our lawsuit is finally coming to an end. I need your help. The settlement needs to go into a structure annuity fund. I do not have the knowledge on this matter. Our lawyer said he would help us but I rather have some investigation done myself. I do not know where to begin. The insurance company of the defendence, ya right, is going to give us some examples of some accounts to structure this in. If you have any information I would appreciate it. I need it as soon as possible

Toni - contact a trust attorney who is experienced at special needs trusts and not connected in any way to your current legal support and find out what the available choices are in your county. It may be a free consultation because you might use them to write up a trust if necessary. In one hour you may have an education worth a lifetime. It is VERY important for you to know what choices exist so that you can make the best decision for your child. And there are choices, even if your current legal support is trying to sway you in one direction.

Hi Toni,

I can very much relate to your situation and your sense of urgency. I was in a similar situation and felt the same type of pressure. We also were basically being told that we had just a few companies to go with that were being presented by the defense. In addition we were told by our own lawyers that the settlement all HAD to go into a structured annuity, which after research, we found out was not true for our particular state.

Anyways, I think the previous guest poster, summed it up very well, "It is VERY important for you to know what choices exist so that you can make the best decision for your child. And there are choices, even if your current legal support is trying to sway you in one direction." Please take your time and don't let anyone pressure you into anything. You take al the time you need, gather information and get informed. You have come so far and worked so hard to get this settlement for your child. These are big decisions, so just don't rush or feel pressured to do anything. I am going to email you some information personally. If you don't receive it, please feel free to email me directly.

Lisa

I also felt the pressure of that but after some research I found a registered investment advisor and placed the money with her. I just don't trust the structured settlements. Anyways, she has already made money off her little amount she got. If you have any questions feel free to email me, but I definately am happier this way then the structured settlement way.

Yes. I ahve been there also. I know the pressure you have felt. We really took our time though. Our lawsuit was settled for an amount. Once that was decided, we took 4 weeks to decide. And I am so glad we did. Heck we alreday waited 6 years, what's another month right? We went with the broker that the insurance company brought. Our lawyer assured us it was o.k. I mean you know how much your getting, and the broker is here for you. But make sure you get a broker, not the insurance company. I don't know what state you are in, but I absolutly fell in LOVE with our broker. He was so kind and caring. He ran scenario after scenario for us for a month. We met him several times, and he would come to our house. We really played with the numbers a lot. You will see when you start. A payout here or there can change the final amount they get by a million or so. So it is important to be very sure in how you set up the annuity. And you should always go with an A rated company. For instance we went with Met Life. They had the lowest rates, highest payout at the time. If you would like to contact my broker, please let me know. Good Luck to you.

We had the same issues (also in NY State), we really trusted our attorney, who presented us with a number of options. Our judge, though, was generous with the settlement, but very old school and limited us in terms of what we could do with the money (he put it in the settlement terms).

claudia

I want to comment on the annuity. Another guest poster said to choose an "A" company and that they chose Met Life. We put half of our settlement in an annuity and the other half into a trust. We just got notice a few months ago with a notice that the insurance company we chose sold our annuity to another insurance company. So it almost doesn't matter what "A" company you will choose because there's no telling where it's going to end up anyway. Boy, was that a shock to us!

I gotta say I disagree with the last post. Our lawyer INSISTED on us going with an "A" rated company. He said that sometimes you policy would be sold, but if you go with an "A" rated company that has been around for a long time your chances are pretty good that it wouldn't be sold. I don't really understand all the ins and outs of it, all I know is this is something he was very sure of. He wouldn't have it any other way.

I didn't say that you shouldn't go to an "A" company - as a matter of fact they only allow you to go to an "A" company in our state. That wasn't the issue. What I said was that no matter what you research about whatever "A" company you choose, it can get sold. So don't be surprised if it is sold (to another "A" company). It just so happens that our Met Life annuity was sold to another company. I don't know why they would sell it but they do. They told me it was common practice. Banks do it, too. Happened to my daughter's college student loans 6 times already.

Yeah it must be a big money maker...our mortgage has been sold 3 times in 8 months! It's kind of annoying but it doesn't really matter b/c the terms don't change...just who you make the check to.