4 Memorable Ways To Help Your Children With A Settlement Buyout
Posted on: 18 March 2015
Large settlements that you receive are typically paid out over set payments and through multiple years. Instead of waiting for each payment, there are ways that you can receive a structured settlement buyout. Through this buyout, you have the opportunity to collect a lump sum of cash instead. When choosing this cash, you have the opportunity to treat your children in a variety of ways.
Children grow up quickly, and the following four ideas can make a huge impact on their childhood, thanks to the help of a settlement buyout.
Unforgettable Family Vacations
Treat your children with a memorable family vacation. Using a payout, there are a number of different vacation possibilities.
- Amusement Parks: Go all out on an amusement park vacation. With extra settlement cash you have the opportunity to upgrade with line passes, full meals, and possible resort stays right on the amusement park property.
- Family Timeshare: Invest in a vacation destination that can be used year after year. At a family timeshare, you have the opportunity to purchase ownership that lasts for several years. The amount of time that your family gets at the timeshare can range anywhere from a week to a month.
- Private Rentals: Take your family into their own personal oasis. Whether it's a cabin in the mountains or a cottage by the sea, you can rent private areas for just your family to enjoy.
College Savings Plan
Prepare for your children's future by saving as much you can for their college tuition. When you collect a settlement buyout, you have the opportunity to reinvest the money into a college savings plan. These plans are also known as 529 plans. It is basically a savings account to help save up for college in the future. These types of accounts are available on both the state and federal level.
By choosing a college savings plan, there are many benefits to enjoy like tax breaks, earning interest, and the ease of depositing additional money into the accounts. Plans vary by state, so it's important to do some research before you choose to invest.
Family Home
Whether you use a settlement to purchase a new home or to upgrade your current home, there are a number of different upgrades that can be installed for a child. The following upgrades will help add to the play time and imagination of a child.
- Tree House: Professionals can install an amazing tree house that features all types of upgrades and play areas. This includes ladders, ropes, balconies, windows, and possible electricity.
- Swimming Pool: Provide your children with years of entertainment by having a swimming pool installed. Extra items to include or consider are a water slide, pool floats, and a diving board.
- Backyard Additions: Add some more outdoor fun with a number of ideas like a trampoline, moon bounce, or a large playscape installation. It's a good idea to consult with your children to see what they are interested in.
Celebrity & Character Appearances
A portion of the money can be used to throw your child a memorable birthday party. Landmark ages like 5, 10, and 13 can all be celebrated to create a memorable time for the child. The birthday party can be made even more spectacular by hiring professional entertainment to be there.
This can be done in two different ways. The first is by hiring a real celebrity to appear at the party. A lot of different services offer celebrity appearances from actors, singers, or professional athletes. The person will show up, sign autographs, and take pictures.
The other option is to hire a professional actor to show up in full costume as a character. This can be a mascot, a movie character, or another character from an animated television show or movie. These actors may have small skits or interactive shows for the children. The appearance often includes pictures and autographs too.
Just like any big expense, each idea should be fully planned out and not just purchased on a whim. This will help you make the best use out of your money. Click here to read more about the process of getting a structured settlement buyout so you can make use of these ideas.
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