 |
 |
||
|
|
||
|
|
||
|
|
|||
|
The Cedar Rapids Gazette , Thursday, July 5, 1984 Payment every month works for young accident victim
A "structured settlement" arranged for Carmen Hewitt is expected to pay about $400,000 over a 30-year period. Included in the settlement for the 20-year-old Cedar Rapids woman was enough money right away to pay off the attorney who represented her plus $32,500, from which medical expenses of about $7,000 were paid. The settlement stems from an accident in which she was thrown 30 feet from a motorcycle onto her head. It cost the insurance company about $65,000 to make the initial payment and purchase an annuity. She could have received a one-time payment of about the same amount, but in a recent interview she said she thinks that after paying 40 percent to her attorney, she might have spent the rest of the money foolishly and have had little or nothing left. Her part of a one-lump payment would not have been taxable, but if she had invested it, the interest earned would be. Her monthly payments are not taxable. Hewitt suffered a concussion and skull fracture in the June 5, 1981, accident, just after her sophomore year at Jefferson High School. She was a passenger on a motorcycle that struck the side of a car that had pulled in front of the cycle. She was in a coma for several days and hospitalized about a month. After a wait of about a year to make sure there was no serious permanent damage, the settlement was reached. She is receiving $300 a month until she is 25. At that time and every 10 years after that the payments will increase by $100 until they reach $600 when she is 45. The $600 a month will continue the rest of her life. The payments are guaranteed for a minimum of 30 years. If she does not live that long the payments go to a beneficiary designated by her. "It's working out real well," Miss Hewitt said. "It's nice always having money if you need it." The only potential disadvantage of the settlement she could think of, becoming lazy because of having enough money to get by on, has not affected her. She has been working at a restaurant since she graduated from high school a year ago and hopes to get a better job soon. She also plans to begin studying computers at Kirkwood Community College this fall. Tom Riley Law Firm, P.L.C.
Phone: (319) 363-4040
Home // Firm Overview // Attorneys // Practice Areas // Offices The determination of the need for legal services and the choice of a lawyer are extremely important decisions that should not be based solely upon advertisements or self-proclaimed expertise. This disclosure is required by rule of the Supreme Court of Iowa. A description or indication of limitation of practice does not mean that any agency or board has certified such lawyer as a specialist or expert in an indicated field of law practice, nor does it mean that such lawyers is necessarily any more expert or competent than any other lawyer. All potential clients are urged to make their own independent investigation and evaluation of any lawyer being considered. This notice is required by rule of the Supreme Court of Iowa. The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an attorney for individual advice regarding your own situation. Copyright © by Tom Riley Law Firm, P.L.C. All rights reserved. You may reproduce materials available at this site for your own personal use and for non-commercial distribution. All copies must include this copyright statement. |
