Depending upon the specifics of a settlement for a minor child, it may be advisable for the settlement proceeds to be used to fund a structured settlement. The factors that determine whether a person should seriously consider a structured settlement are the age of the minor and the amount of the settlement. It should be noted that there is no cost to our minor client for arranging a structured settlement.
When settlement proceeds are placed in a restricted bank account, the interest rates that banks offer are quite low. On the other hand, the structured settlement can allow for a greater rate of return. Additionally, payouts can be at predetermined and court approved intervals, such as ages 18, 21, 25, and 30. This also has the further benefit of not entrusting an 18 year old to a large sum of money.
We represent clients throughout the state of Arizona and are ready to assist you through this difficult time. If your child was injured in an accident, please call the Law Offices of Michael Cordova at 602-265-6700. Our Phoenix Personal Injury Lawyers offer a free, personal, and confidential consultation to answer any questions and to explain your rights.