or blow it all on a wild weekend in Vegas??? She is only 3 so its not like she'll know about it???
2006-06-23 04:55:39 · 25 answers · asked by Anonymous in Business & Finance ➔ Insurance
BABUMO??? is right!!! splurge! a little toy will make her feel special! what kind of mother would you be of you burdened your child with the legalities of insurance/accounts/banking, etc>>??? if it wasn't for you, this child would not be here....think of that check as a THANK YOU from your daughter!!! party on!!
2006-06-23 05:05:02 · answer #1 · answered by Anonymous · 0⤊ 5⤋
That money is your daughter's. It wouldn't be fair to her for you to "blow" her money on a Vegas weekend. Do your daughter a huge favor and put it in a Savings Account. That way when she is older she can use that money for college. As the years pass by, every now and then you can add a little more money to make it a larger amount for her.
She will be very greatful for this when she is older and will look up to you and feel honored to have you as her parent.
Good luck to you and your daughter. May the two of you have a wonderful bonding, loving, respectful, relationship.
2006-06-23 12:13:17 · answer #2 · answered by Lyndee 4 · 0⤊ 0⤋
Most states have laws that require you to put money away for a minor. Usually an insurance company will not issue a check to a minor, or even to a parent or guardian for a minor without a court order directing that it be deposited in an account from which no withdrawals can be made until the minor reaches 18 or 21.
MOST mothers would do that anyway.
2006-06-23 12:00:37 · answer #3 · answered by MOM KNOWS EVERYTHING 7 · 0⤊ 0⤋
If your daughter got a settlement, you are resonsible for taking care of it. Until your daughter reaches adulthood, you really can't sign her rights away. Theoretically, when she turns 18 she can sue the person who injured her.
If they paid you anyway, they probably made you sign a release and a hold harmless/indemnification agreement that says you will pay the company back if she sues them when she turns 18.
So I would take out the amount you paid for medical bills and expenses and put the rest of the money in an account for your daughters college expenses.
2006-06-25 19:22:50 · answer #4 · answered by C R 3 · 0⤊ 0⤋
If you really love your daughter and care about her education, you would put in a college fund such as 529 Plan or Coverdell. Today, a 4 year college cost about $20,000. 20 years from now, it's going to cost at LEAST $40,000.
Do the right thing and don't waste the money on things that are not going to beneficial.
2006-06-23 20:08:32 · answer #5 · answered by Anonymous · 0⤊ 0⤋
You should save it for her future, if an insurance company is sending money in her name, then most likely it is to cover something that happened to her, not you, am I right? It would be immoral of you to take money for your baby, for something she had to suffer for, and splurge it on yourself, don't you think so?
I would recommend applying towards a college fund for her. The way the economy is today, you can never tell what is in store for our young ones later on. So they'll need all the extra help they'll get and she'll appreciate you for it later on.
2006-06-23 12:04:53 · answer #6 · answered by ~**badboys_wife**~ 4 · 0⤊ 0⤋
Yes, you put it in her account! Vegas is fun, but not as fun as not having to worry about college. Put it in a fund and let it grow. When you say huge, I assume you mean more than $1000k. Easiest thing is stick it into a CD account. You can also open up an online savings account. 4.4%+ interest.
2006-06-23 12:00:53 · answer #7 · answered by Smirk Child 2 · 0⤊ 0⤋
Okay - put half in an account for her. Send the rest to me...
Just kidding. Be smart. Save MOST of it. But, spending a little wouldn't hurt. If you do go to Vegas, play #30 on roulette for me.
2006-06-23 11:59:10 · answer #8 · answered by MissSubversive 3 · 0⤊ 0⤋
Why don't you put it in a CD or a mutual fund. Go ahead and get college out of the way.
2006-06-23 11:59:14 · answer #9 · answered by cirestan 6 · 0⤊ 0⤋
I don't live in Vegas anymore, remember? Which means more money for whipped cream, dry ice, and batteries for our pagers!
2006-06-24 02:56:28 · answer #10 · answered by Antny 5 · 0⤊ 0⤋
Think about your daughter's future--even if she doesn't know where the money came from, she'll appreciate it someday.
2006-06-23 11:58:43 · answer #11 · answered by saddison2004 3 · 0⤊ 0⤋