In the Case of an Injured Child – How Settlements Work
Nothing is more heartbreaking to a parent than when a child is injured. However, accidents happen, and at times they are due to the carelessness or negligence of another, and justice must be served.
If your child was injured in an accident for which you are seeking restitution, there is a good chance you will be very emotionally connected to the case. You will need a dedicated Illinois personal injury lawyer to help your child receive the compensation she deserves.
It is important to understand how a settlement works in the case of a minor. If you live in or around Chicago, personal injury attorneys can help you fully understand the options available. When a child’s case settles, most states require that the money is placed into a fund that can only be distributed once the child reaches age 18. This applies to a “lump sum” settlement.
Some Chicago personal injury attorneys recommend a different avenue in the case of an insurance settlement: have the defendant’s insurance company purchase an annuity which will pay your child compensation at the age you select (the minimum still being age 18). Thus, you gain more control. This is a great alternative because your child will earn tax-free interest at a much higher rate. Make sure the annuity is from a triple-A rated company.
If your child has suffered an injury at the fault of someone else, contact an Illinois personal injury lawyer who specializes in these types of cases. He will help you best protect the interests of your child.
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