When a child is injured, his or her medical needs can extend far into the future. Considerations for future medical expenses, medications, adaptive equipment, home care, physical therapy, etc. should be included when settling a child injury case.
Settlements could also include pain and suffering or future lost income.
Kentucky law requires that any recovery for your injured child is to be held in trust until he/she is 18 years of age. The Law Firm of Flora Templeton Stuart provides clients with the option of establishing annuities or college funds in child injury cases.
The establishment of a college fund or annuity will not only protect the funds for future use by your child, but they may provide certain tax advantages.
Be aware there are a few special circumstances in which your child’s recovery could be awarded immediately: if the recovery is less than $10,000 if there are special needs for your child, or if the court approves special expenditures to benefit your child.