My minor son will receive a medical malpractice award how do I choose a trust fund?

Question

The hospital has admitted fault.

Answer 1

Shop, like for anything else, at Oppenheimer, Dreyfus, Fidelity, Merril Lynch, and make them disclose the returns and the risks in plain English.
Then do a side by side comparison.
If it is substantial, you might consider a private bank, like Northern Trust, or the private banking branch of Bank of America. Pick the one with the best returns at a low risk who answers all questions understandably. You are in control, do not forget.

Answer 2

whatever you end up doing......if ANY of that money is to be used for treatments or whatever from anything related to that lawsuit, it is OK to use it but SOLELY for that purpose...and you will have to document EVERYTHING..... A few years back, my niece received an award due to having her ARM cut off in a riding mower accident... the parents put the money in the bank and a while later, decided to INVEST some of this money into their BUISNESS.... the courts made the parents pay the trust back before the girl turned 18.. Not sure which state you live in but there are probably different laws for different states... I'd speak to maybe the lawyer who handled your son's case to begin with to see what HE could suggest to you---he obviously MUST have some knowledge since he knew how to SECURE the malpractice award for your son.

Answer 3

(sigh) as quickly as returned, in case you like tort reform then have your state legislature enact it. save it on the state point the place it would be. it incredibly is disingenous so you might ***** approximately each and every little thing Obama does, rather well being care, as a central authority takeover and then ask for national tort reform. The AMA? superb source, he he he. In regard to the efficacy of tort reform. insurance extensive Wellpoint has mentioned shielding drugs is basically 2% of all well being care expenses. Admittedly, if the pie is sufficiently super then 2% may well be lots even though it incredibly is nowhere close to the common concentration. States with malpractice limits have not seen decreased well being care expenses yet they have seen decreased malpractice insurance quotes (AMA conflict of interest?). finally, a jury of co-workers hears evidence and grants an award. Why no longer have faith them? It shouldn't take too long to think of of a scenario wherein $250k (the straightforward tort reform shrink) does no longer compensate somebody for the discomfort and suffering led to by making use of a doctor's negligence. If an award is punctiliously out of line with the evidence, the decide would shrink the award.

Answer 4

You may not be able to. In CT, the Court where the case is decided appoints a Trustee after considering suggestions by your lawyer. The Probate Court them rides herd on the Trustee (requiring annual or tri-annual reports, etc.). If you have any preferences, tell your lawyer. If they are reasonable, the Court will probably go along. Good luck.

Answer 5

talk with a lawyer that handles trusts.