WHAT HAPPENS TO CHILD’S DOG BITE SETTLEMENT MONEY?

If your child was bitten by a dog, they may be entitled to significant compensation. But what happens to the money after the settlement? There are laws restricting your options, but the parents’ also have significant imput. To start, some of the money for a child’s dog bite settlement can be used immediately to pay medical bills. However, in most cases, the amount of the settlement is much more than the medical bills. At a minimum, the law in Minnesota restricts a child or their parents from accessing the settlement money until the child is 18 years old.

The process for a child’s dog bite settlement requires a “minor settlement” hearing. This is a court hearing where a judge must approve the partents’ plan for the child’s settlement. MN law requires the child or parents not have access to the money before the child is 18. However, the law allows the parents some flexibility about future payments. For example, some parents are concerned that a large payment at age 18 could interfere with college scholarchips. For that reason, the payment could be delayed until the child is out of collage. Or, the dog bite settlement payments could come in parts at different ages.

There is also limitations on how the child’s settlement money can be invested. Basically, there are only two options allowed by MN law: Either a bank certificate of deposit or an insurance annuity with a top rated insurance company. These options to invest the child’s dog bite settlement offer limited returns. You could do much better with mutual funds, for example. However, this restriction is intended to make sure the child’s settlement is very safe.

CHILD DOG BITE LAWYERS

Pam Rochlin and David Rochlin have represented hundreds of children in dog bite cases throughout Minnesota. Our dog bite lawyers have over 25 years’ experience making sure our clients are fully compensated for their injuries. Of course, this starts with medical bills and future treatment. However, a scar can affect a child for the rest of their life – especially if it is to the face. It is appropriate for the child to receive significant compensation for this if they were bitten by a dog.

Our lawyers offer a free initial consultation, and we never charge anything unless you chld receives compensation for the dog bite.