Can I put someone incharge of a settlement money for me?
January 15, 2018
QuestionMy Dad died from a wrongful death by a doctor. The settlement is $165,000. I m not good with money at all. Can I put my fiancé incharge of the settlement ?
The decision of what to do with any lump sum should not be made lightly. Handing it over to your fiance may be legally considered a "gift" under Federal tax law, so you would be better off exploring your options with the attorney who settled the case and obtained approval for the distribution in Surrogate's court. Purchasing an annuity may be an option to consider. You need to talk to your lawyer. If he/she doesn't handle these things, call the Orange county bar association for a referral to one who does. Best of luck.
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