When you handle a catastrophic pediatric injury claim as an out-of-state attorney on behalf of an Illinois domiciled client, you appreciate how difficult the battle related to these kinds of cases are. You spend months investigating the tort, you corner the defense carrier, and eventually you’re able to force a substantial policy-limits tender. Once the parents sign the settlement agreement, you naturally believe that the worst is over, and that it is smooth sailing from that point, and that you can distribute the funds so you can extract your contingency fee. However, in an attempt to submit the settlement to the Cook County Probate Division for approval, you are met by a procedural wall you never anticipated due to being out-of-state counsel. The probate judge, as well as the Guardian ad Litem or GAL will take a look at the proposed lump-sum payout and announce the cessation of proceedings, citing severe risks to the long-term financial safety of the minor.
As per Illinois law, any funds that are deposited into a standard restricted bank account for a minor ward must be disbursed in full by the time the child reaches the age of 18 according to r 755 ILCS 5/11-14. The rationale for this is that handing over a high school senior a lump-sum check of $500,000 or more will almost always lead to impulse purchases and predatory peer pressure as well as financial exploitation by those who smell blood in the water who more often than not end up being the relatives of the teenager. If your settlement petition is contingent on a standard restricted account for a most likely high-value payout, the GAL will raise objection which may lead to protracted hearings which delay not only the minor’s recovery, but also the release of your legal fees. If you’re an out-of-state attorney that just finished fighting for a minor’s settlement who is originally domiciled in Illinois, read on to find out how we can help structure the financial petition so you can protect the rights and financial future of the minor, as well as extract your legal fees.
Are you looking for the best Illinois probate attorney for minor settlements? Please call the best probate attorneys at McCready Law NOW at (314) 481-63338 to learn more about how we can help you obtain Illinois court approval for your minor settlement. The experienced Illinois probate attorneys at McCready Law bring to the table combined experience spanning over 90 years where we have helped attorneys from across the country navigate the Illinois probate system with speed, efficiency, and reliability. To date, we have recovered over $500 million for our clients, and our expertise in all areas of the law as well as our personable and efficient approach place us at a level that is unheard of in probate law. We take on cases on an agreed-upon flat fee basis, and the first call to us is consulted on a 100% FREE basis.
Regardless of where you are in the country, McCready Law can assist with your Illinois probate minor settlement approval, and we will handle the entire process from start to finish so you can focus on your practice while we handle the Illinois court approval. Need to speak to someone regarding the potential for a fast and efficient Illinois probate approval? Call us NOW at (314) 481-63338 to learn more about our flat-fee probate services.
Overcoming the 18th Birthday Financial Ruin Risk in Illinois Minor Probate
When the probate court or GAL objects to a lump-sum restricted depository as they fear that the minor will mismanage the settlement once they are given a check on their 18th birthday, we step in to execute financial and procedural maneuvers in order to protect the child’s recovery.
Here’s exactly how we do this:
- Structuring Milestone Annuity Tranches – As per 755 ILCS 5/24-21, the probate court possesses statutory authority to approve the deposit of a ward’s money into specialized investments once the court issues an order for the same. Therefore, instead of having the money placed into a standard restricted savings account, we petition for the court to allow us to purchase a structured settlement annuity, which will be paid out in staggered milestone tranches: for instance, releasing 25 percent when they’re age 18 so it can be used for college tuition, then 35 percent at age 22 for post-graduate studies, and then the rest, at around age 27. This kind of structuring allays the court’s fear of rapid dissipation, making it more likely that they will approve the petition.
- Overcoming GAL Scrutiny via Analysis of Customized Needs – It is important to note that we simply don’t submit standard annuity quotes; we construct a detailed financial needs proposal for the minor. This means working with licensed structured settlement brokers in order to come up with the proposal which shows that the tax-free growth of the annuity would be better than standard bank interest, while at the same time demonstrating that its growth is in line with the child’s projected educational and medical milestones. This data-rich financial blueprint is what courts say yes to, unlocking your contingency fee in record speed.
Best Illinois Minor Probate Attorneys – Call Us Today!
These are just but two of our numerous legal strategies in our armada of procedural weaponry we’re prepared to employ to ensure that not only does your minor’s settlement remain untouched, but that your contingency fees are unlocked. At McCready Law, we’ve seen first-hand how out-of-state counsel are crushed by the administrative roadblocks used by Cook County Judges. If you’re an out-of-state attorney tasked with finalizing an Illinois minor probate claim, please give us a call NOW at (314) 481-63338 to learn more about our referral option, where we do the heavy lifting for you at an agreed-upon flat fee. The call is 100% FREE, and there’s no legal obligation. Thanks for choosing us, and we look forward to helping you.