Kalfus & Nachman. Im a personal injury attorney here in the state of Virginia. We
handle many different personal injury cases and some of the cases we handle are children.
A lot of questions I get are cases such as why does the court have to approve my childs
personal injury settlement? Well, thats a good question and I answer these questions
all the time.
One of the answers to that question is a child is under 18 so a child cannot contract.
Plus, a child cannot sign a statement saying the case has been settled. So the court has
to approve that settlement. The court is there to help the child and protect the child and
to make sure he gets a fair and equitable settlement. Also, the defense has a right
to have the court intervene and make sure that the case has been settled.
Because children
cannot enter into a contract, a lot of settlements are approved by the court and the court is
there to make sure that the child is protected. Hes protected against his own attorney,
hes protected against his parents and protected against the defense. In many instances, the
court is there to approve the settlement because the child or a minor or somebody who is
under 18 cannot carry on their own finances. So the court intervenes and makes sure that
those monies that the child receives is safeguarded.
This is where the court orders the money paid
into the court or a structured settlement is negotiated. Now you may ask what a structured
settlement is and thats a good question. A structured settlement is where a company
protects the money for a child and pays the child out in certain increments. This provides
for many things such as the childs money is increasing in value from interest and theres
no tax consequence on it.
Im Chris Jacobs with the law firm of Kalfus & Nachman. Im
a personal injury attorney here in Virginia. Thank you for watching. Im here to answer
any of your questions, just call the number below..
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