Can I withdraw a portion of money from my daughter's structured settlement? 9 Answers as of April 29, 2013

I need to withdraw a small portion of my daughters $185,000.00 structured settlement from an insurance company to save our house from foreclosure. I lost my job and I'm unable to make my mortgage payments.

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Mauritz Van Niekerk, Attorneys at Law
Mauritz Van Niekerk, Attorneys at Law | Christiaan van Niekerk
Is she miner than you can do it if you have the legal authorization to do it.
Answer Applies to: New York
Replied: 4/29/2013
James T. Weiner & Associates, P.C.
James T. Weiner & Associates, P.C. | James T. Weiner
It depends upon how its structured.. you will need a judge's approval contact your attorney.
Answer Applies to: Michigan
Replied: 4/28/2013
Hunter Law Office
Hunter Law Office | Rachel Lea Hunter
Your daughter's structured settlement is for your daughter, not to save your house. I doubt that you would be able to pull the money out for your personal use but that is something you need to either review the documents or discuss with the attorney who put the structured settlement in place. However, if that money is for your daughter, common sense tells me that it is supposed to compensate her for some wrong/injury to her and that the money is to be used for her benefit, not yours. There are companies out there who will pay you a lump sum now in exchange for a future settlement. The problem is that these companies steeply discount of the money - i.e., they will only pay a small portion now. So this may not be realistic. If you need help with the mortgage, contact the NC Housing Finance Assistance agency or a local non-profit housing counselor. Get foreclosure counseling and see if you can obtain assistance through any of the foreclosure programs out there.
Answer Applies to: North Carolina
Replied: 4/28/2013
The Law Office of Darren Aronow, PC
The Law Office of Darren Aronow, PC | Darren Aronow
If she is a minor then you need court approval.
Answer Applies to: New York
Replied: 4/28/2013
Stephens Gourley & Bywater | David A. Stephens
In Nevada, you cannot do this without a court order.
Answer Applies to: Nevada
Replied: 4/28/2013
    Stacy Joel Safion, Esq.
    Stacy Joel Safion, Esq. | Stacy Joel Safion
    Of this settled was reached through a minor's compromise involving the Court, you will need the Court's permission.
    Answer Applies to: California
    Replied: 4/28/2013
    Edelman, Combs, Latturner & Goodwin, LLC | Daniel A. Edelman
    This depends on the terms of the settlement. An attorney would need to review it. Generally a structured settlement can only be used to benefit the injured party, here the daughter, but housing might qualify, esp if she gets an interest in the house.
    Answer Applies to: Illinois
    Replied: 4/28/2013
    Musilli Brennan Associates PLLC
    Musilli Brennan Associates PLLC | John F Brennan
    I cannot tell if that is possible without seeing the structured settlement and the restrictions on the spending of the funds.
    Answer Applies to: Michigan
    Replied: 4/28/2013
    Harris, Yug & Ohlinger
    Harris, Yug & Ohlinger | Roberta Ohlinger-Johnson
    You will need court permission. But in my experience, in Nevada, that is exactly the type of raiding the piggy bank by parents that's forbidden. Assuming your daughter is a minor, it is your job to provide her a place to live, not her job to pay the mortgage through her injury.
    Answer Applies to: Nevada
    Replied: 4/28/2013
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