Re: settlement from a car accident

I'm sorry to hear about the accident. In FL, any gross settlement with a minor over $15,000.00 must have court approval. They will appoint a guardian ad litem as an additional personal to look out for your son's interests. There are many options for payment. Florida law has special protections for minors, which is why they will not give you the money to hold. They can set up a trust account which lets you put money in, but not withdraw it, or have another company hold the money in an interest bearing account until your son is 18. These are a couple of options. The money that is held in trust is only the money your son will actually receive. The money for the creditors, i.e. hospital and doctors, should get paid from the settlement before your son is allocated his money (if they have liens). Hope this helps...There may be other facts that could effect the case, but this is a start. ~Jason

Re: settlement from a car accident

Mr. Turchin's information is accurate. In addition, your son may have the option of a structured settlement whereby all or most of the settlement funds remaining after paying off medical expenses can be used to purchase an annuity that will pay your son over time an amount much larger than the present dollar amount. An annuity may be a good idea because the money shall be protected from any creditors your son may have in the future, and the future payouts can be disbursed at different intervals in your son's life, like at 18, 21, 25, and 30 years of age that would provide needed money for college and other expenses your son will have later in life. It's a valuable security blanket. Your lawyer should contact at least two or three top rated companies to ensure that the money will be there when promised, and to get the best guaranteed return possible. Your lawyer can also negotiate with the medical providers to have them accept a reduced amount in exchange for a final release or waiver of the outstanding bills, effectively allowing your son to put more money in his pocket. If you wish to discuss any other issues relating to this matter, please contact your lawyer.