Many personal injury and wrongful death cases involve minors, or a child younger than 18 years of age. When children are injured and recovering money, a court must first approve the settlement as in the best interests of the child. From experience, a reviewing judge’s primary concern is that the child’s funds be protected until he or she reaches the age of majority, which is 18 in most states. Spencer Shields and Shields Law Group have over 25 years experience handling wrongful death and minor settlements. We traditionally utilize structured settlements in situations such as this, where most if not all of the child’s funds are placed into an annuity or other interest bearing account, until he or she reaches 18. At 18, payments start to come to our client, and best yet the growth on these investments is tax free under IRS guidelines. The child’s funds are safely invested, earn income tax free, and upon reaching 18, they then can receive their settlement funds either all at once or in staggered payments. We have a 100% approval rate with reviewing Courts having our minor clients’ settlement funds structured in this fashion. And parents love it because it takes the issue of “what to do” off of them.
Call now for a free consultation if you or your loved one have been severely injured or died as the result of another individual’s fault. Our attorneys are licensed in Kansas, Missouri and Texas, and we handle claims nationally.