Settlement Options When Your Child Has Been Injured
When a child is injured, it can be extremely scary and heartbreaking. Many times the injury is a result of an accident but in some instances it may have taken place due to the negligence or carelessness of another person. In these cases, justice must be served. Because emotions can run high when your own child is injured, a skilled Chicago personal injury attorney is extremely helpful to help determine the correct course of action and to ensure your child receives the proper compensation.
If your child wins his or her case, it is important to understand how settlements work. In Illinois, personal injury lawyers can help you understand all of the possible settlement options. When the case is settled, most states require the money to be placed into a fund that cannot be touched until the child turns eighteen. This type of agreement is known as a “lump sum” settlement.
In Chicago, personal injury attorneys often recommend a different course of action regarding insurance settlements. The defendant’s insurance company can purchase an annuity that will actually pay your child’s compensation at whatever age you choose. The minimum age for this type of settlement is eighteen. This option gives you more control and also allows your child to earn higher tax-free interest. It is imperative the annuity comes from a triple-A rated corporation.
If your child has been injured due to the negligence of another, a dedicated Illinois personal injury lawyer can help you every step of the way. He or she will strongly assist in protecting the rights of your child.
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