In instances such as birth injury, parents often file a medical malpractice lawsuit, and rightfully so. Your child will probably outlive you. They will require care past the time that you will be able to physically provide it. They may need help with personal hygiene, mobility, grooming, eating and more. Who will provide for your child when you cannot?
When you file a medical malpractice lawsuit, you may receive a settlement. It is not unusual for a hospital to settle out of court, especially when the victim has a strong case. But what happens to the money?
In most cases, your best option is to establish a special needs trust. This will allow your child to continue to receive government benefits like Medicaid and social security. The settlement will accrue interest, and when your child is of age, they will begin to receive monthly allowances that will allow for them or their caregivers to provide the necessities, including medical care, therapies, rent or mortgage payments and more.
Setting up the settlement in this manner will allow you to provide for your child before payments kick in. You will be able to withdraw money to pay for necessary home renovations, vehicles that are wheelchair accessible and products and services that will benefit and enrich your child’s life.
The best options for you and your family are not always clear. This is where you will benefit from an experienced medical malpractice attorney. Your attorney can not only help you win a verdict or settlement, but help you determine the best course of action as it pertains to the handling of the settlement monies.
Call our offices today if your child has been the victim of birth injury. We will discuss your case with you and advise you of your options. Call us for more information about how we can help you and your family. Your first consultation is free.