How Much Money Will My Child Receive from a Verdict or Settlement?
When involved in a cerebral palsy lawsuit, many parents want to know how much money their child will receive through the final verdict or settlement. The amount of money a child is awarded from a case depends on a variety of different factors, including the details of the case, attorney expenses, and more. Because each cerebral palsy case is unique, the amount of money that a child receives upon completion of his or her case will vary. Throughout this page, we’ll walk you through the basics of how settlement and verdict amounts are calculated.
It is first important to note that many of the verdict and settlement amounts recorded on attorney websites may be adjusted values. This is because these amounts, which are larger dollar amounts, reflect the initial payout, not the amount that the family receive at the culmination of the case. These larger settlement amounts typically do not account for necessary attorney fees, liens, and other pertinent expenses involved in the case itself.
On our website, we aim to be transparent about the verdicts and settlements attained by our legal team. To give you the clearest picture, we show you both the total settlement amount and the amount allocated to the client. You can access information about our past verdicts and settlements here.
What Factors Impact the Final Settlement or Verdict Value?
Lawsuits are complex processes that require both time and resources. Money is commonly deducted from the initial settlement or verdict to cover the costs of litigating your case. Some factors that may alter your settlement amount are:
- Client Expenses: There are costs involved in pursuing a case. These can include the costs of securing expert testimonials, the costs of obtaining your medical records, travel expenses, and other costs that the firm foots upfront.
- Attorney Fees: Attorney fees are often easy to account for when estimating the amount you will receive because they have already been set up in your retainer agreement. Attorneys typically work for a percentage of the recovery value and this amount is pre-set before the time of the payout.
- Medical Liens and Bills: These fees are important to note when planning for your settlement amount. Any medical expenses covered by insurance that occurred due to the negligence of the defendant, must be taken out of the recovery amount and paid to the insurance company.
I Received the Payout for My Child’s Cerebral Palsy Case. Now What?
The recovery funds from a lawsuit can be a helpful thing for families of children with cerebral palsy. This money can help pay for both immediate and long-term care of your child. Settlement or verdict funds can be set up in a way that secures the benefits your child will receive over the course of his or her life. Some structuring options include:
- Structured Settlements (Annuities): An annuity invests a large portion of your settlement funds, and sets up regularly-scheduled payouts at different points in the future. This allows for a regimented, carefully managed payout plan.
- Special Needs Trust (SNT): Special needs trusts are particularly helpful for children who use government funded resources like Supplemental Security Income (SSI) or Medicaid, because they allow children to continue receiving the benefits of these programs while also allowing them to be the beneficiaries of investments that pay for needs that government programs don’t cover. In a special needs trust, the money is doled out by a trustee and can only be used for the designated beneficiary. Special needs trusts help to safely manage settlement money and allow for your child’s financial growth over time.