Structured Settlement Questions
I have a structured settlement annuity agreement for my daughter who was damaged at birth. The court is removing me as the payee and adding someone else as the payee, is this legal and will she no longer have her hospital bills paid?Generally, the court will appoint an outside party to handle financial affairs rather than let a family member have control if the court feels the finances are not properly handled. The neutral party handles the financial needs for the person on their behalf. The court does have the authority to do this and is usually done out of consideration of the person who is receiving the money. However, this may not be a permanent process and it doesn't mean that your daughter won't receive the funding that she needs.
In this type of situation, if your daughter needs money to pay medical expenses, you need to contact the person who has been appointed to handle her money. As long as there is money set aside for these expenses, they will be expected to furnish the money to do so. If you feel that you should be in charge of handling your daughter's money, you can petition the court and ask to be re- instated as the person who will be in control of her settlement. You should consider having an attorney to assist you with this process.
Is my structured settlement protected as it is a premarital asset that I've had since I was 3 years old? I want to ensure that in the event my husband is sued, my settlement cannot be touched.If you received your structured settlement before you were married, it is considered pre-marital property. You can protect your settlement by placing the money in a separate account. If you place the money in a joint account, it may be possible for it to be considered shared equity and if your husband was to be sued, the people suing him may be able to take it. If you fear a potential lawsuit against your husband, you can protect your property by keeping your money and personal property in separate accounts and in your name.
How can I change a restricted checking account from a lump settlement to a non restricted account and what are the odds this can be accomplished?To change the structured settlement, you will need to have the court's permission to do so. Usually, this would require a very good reason. The reason accounts like this are set up by the court is to ensure the money is used for the purpose that is was awarded. You will need to show the court that you have the ability to use the money for the purpose it was intended for. Generally, these requests are denied by the court. However, it is possible to have the accounts changed if you have good reason for wanting the change and can show the court that you will properly handle the money.
My son has a structured settlement and I am in financial distress. I am about to lose my home. I would like to know if I am able to withdraw a certain amount of money from my sons annuity to help me get back on my feet so I can save our home and keep a roof over my sons head?Generally, this would take a court order approve the withdraw. The whole purpose of a structured settlement is to ensure that the money is spent for the intended purpose that was awarded and not for other expenses. You need to petition the court to allow you to withdraw money to cover other expenses. This may be possible if you can show the court exactly what the money is for and why it is needed.
Regarding a structured settlement made with a quadriplegic with an eighth grade education. He was literally robbed of his lifetime guaranteed income of 2k a month and can barely make it on $ 600.00 a month SSI. He has paid five times over the money he received and still owes for another 15 years. Is there any way to reverse this?In order to have this arrangement reversed, you would first have to prove that the person involved with making the settlement was aware of the person's mental issues. Without proving mental incompetence, there is little that can be done in this situation. Many attorneys try to discourage their clients from accepting structured settlements for reasons similar to this one. Most people go ahead and take the settlement out of need of a lump sum amount. This is generally considered a bad choice to make and the court doesn't rescind a contract based on bad choices.
Structured settlements are insurance or financial arrangements generally used to compensate a person from injuries sustained by the liability of another. You should consult with an Expert before agreeing to a structured settlement. It is always better to discuss your options with an Expert before entering into any legal matter.