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Hi, my daughter had an accident and lost her front tooth so we dealed with the insurance company and get a indemnization for that unfortunately event. She is 11 years old so no way to do an implant until she get 16 years old and then 6 mo. after put a crown but she still is gonna be a minor but that time. After that the insurance company set that she will get the rest of the money in anuities by 18, 19 and 20 years old,for college. The insurance company sugest a Structured Settlement Investment with anuities matching those dates. I read that SSI have Tax free gained interest and security, however my asigned attorney suggest a Judge Registered account is better ( I don't remember is that the right name of this alternative). May I have your opinion of which is the best way to settle this payments.
These structured settlements are common and are generally controlled by the court and not a third party. The reason the courts do not like third party involvement is because the court has less control and supervision over ensuring the funds are used in the manner intended by the court. Additionally, this prevents the court from having to drag in a third party to issue orders regarding the settlement funds in the event there is a dispute.
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Well that was the insurance company is offering a Structured Settlement! but my asigned attorney suggest me to go with a court registered account instead. What is the difference and why is better?
The court registered account is a structured settlement where the funds are held by the court for distribution and this makes it easier, as I said, in the event there is a dispute over the release of the funds when due, since the court is controlling it they can decide the matter without involving a third party.
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