Parents want the best for their kids and that includes giving their children the opportunity to attend college. When a parent is seriously injured and no longer able to work, hopes of providing a college education for their children can be dashed. Funds from a structured settlement due to an injury, however, can be designated
When someone suffers a minor physical injury and a settlement is reached, the settlement funds offer financial peace of mind until the injured individual can resume normal activities. When a catastrophic injury occurs – requiring medical and personal care – the settlement takes on a more vital role. Settlements must last a lifetime so that the injured individual receives medical treatment and can lead as normal a life as physically and emotionally possible. Each catastrophic-injury case is different, but there are similarities that are the basis for determining the type of structured settlement to create.
When a child is injured, parents have much to think about. High on the list is the child’s financial needs during the initial recovery period and beyond for medical, rehabilitation and other experiences. If there is compensation for the injury, judges often require that the settlement be structured so the best interests of the minor
Reading and reviewing sample annuity documents can be helpful in understanding the annuity payment process so when the time comes to discuss annuity options the injured party is more confident with the decisions made.
Extra planning is particularly needed by parents of children receiving a financial settlement due to injury and who are approaching college age.
