ORDER RE: PETITION TO APPROVE COMPROMISE OF MINOR
Claimant Oliver Tio (“Claimant”), a minor, by and through his guardian ad litem Mariceli Tio (“Petitioner”), has agreed to settle his claims against Defendants in exchange for $1,000,000.00. If approved, $60,000.00 will be used to pay medical expenses paid by a non-ERISA insured plan, $250,000.00 will be used to pay attorneys’ fees, and $17,250.00 will be used to pay for costs associated with this suit, leaving a balance of $672,750.00 for Claimant. Petitioner requests for Claimant’s balance of the proceeds of the settlement to be disbursed in the following manner: (1) $550,000.00 to be used to purchase a structured settlement annuity, in which BHG Structured Settlements, Inc. is to provide monthly payments of $2,180.00 to Claimant for 25 years, beginning on May 2, 2029, and (2) $122,750.00 to be paid to Jess Tio and Mariceli Tio, as Trustees of the Oliver Ian Tio Special Needs Trust, a discretionary, spendthrift trust.
Court approval
Hearing Date
December 12, 2019
Type
Other Personal Injury/Property Damage/Wrongful Death (General Jurisdiction)
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ORDER RE: PETITION TO APPROVE COMPROMISE OF MINOR
Claimant Oliver Tio (“Claimant”), a minor, by and through his guardian ad litem Mariceli Tio (“Petitioner”), has agreed to settle his claims against Defendants in exchange for $1,000,000.00. If approved, $60,000.00 will be used to pay medical expenses paid by a non-ERISA insured plan, $250,000.00 will be used to pay attorneys’ fees, and $17,250.00 will be used to pay for costs associated with this suit, leaving a balance of $672,750.00 for Claimant. Petitioner requests for Claimant’s balance of the proceeds of the settlement to be disbursed in the following manner: (1) $550,000.00 to be used to purchase a structured settlement annuity, in which BHG Structured Settlements, Inc. is to provide monthly payments of $2,180.00 to Claimant for 25 years, beginning on May 2, 2029, and (2) $122,750.00 to be paid to Jess Tio and Mariceli Tio, as Trustees of the Oliver Ian Tio Special Needs Trust, a discretionary, spendthrift trust.
Court approval