Attorneys
An 8-year-old child was attending a family members’ birthday party when she walked over to see their dogs. The dogs viciously attacked her causing numerous lacerations including several to her face and neck. Due to the severity of the injuries, the insurance company for the family member offered their policy limits of $500,000. A Conservatorship was required to be opened and if the money was paid into the Conservatorship a bond would have to be posted taking a significant amount of the settlement for the child, credit checks would be required of the parents, annual reports would need to be filed and the money could only be kept in a FDIC insured bank account earning minimal interest. Instead of dealing with the hassle of the Conservatorship requirements and spending the child’s money to post a bond, a pre-settlement annuity was purchased using an independent structured settlement company, not the one the insurance company recommended that they were paid a kick back from. The independent company was able to secure a much better annuity that will pay the child more than $1,500,000 in tax free income before she reaches 60 years of age.
1,500,000
