The Advantages of Structured Attorney Fees
PLANNING CHECKLIST #6
by Rick Bishop
Principal, Settlement Planners
As a personal injury attorney, you are already familiar with the benefits that a structured settlement provides your clients. Periodic payments under a qualified structured settlement ensure that money your client needs to meet ongoing expenses is available when it’s needed.But did you know that structured settlements may offer you a similar advantage?
Create a supplemental retirement income stream by structuring a portion of your attorney fees under a qualified structured settlement, you may be able to defer income until a predetermined future time. Not only can this reduce your current taxable income, it also offers a secure way to set aside income for your future needs, such as those you’ll have in retirement. By using a structured settlement you can:
- Defer all or any part of your fee derived from a qualified structured settlement; there’s no limit.
- Choose when your payments will start at the time of settlement; there’s no need to wait until age 59½ for payments to begin.
- Set up lump sum payments to cover known future needs such as a college education for children.
- Your payments will be entirely predictable — unaffected by future market performance.
- Potentially reduce your taxes by spreading out income over time.
To find out more about how we can help you navigate this surprisingly complex area of your practice, call today for a free consultation. Call today. 800-727-3885.
The Settlement Checklist Series:
ITEM #1: THE LETTER OF ACKNOWLEDGEMENT
ITEM #2 THE FULL MARKET SURVEY
ITEM #4: UNDISCLOSED AFFINITY ARRANGEMENTS
ITEM #5: GET THE FACTS ON MEDICARE SET ASIDES
ITEM #6: THE ADVANTAGES OF STRUCTURED ATTORNEY FEES
ITEM #7: BUSINESS AS USUAL… IS NO LONGER BUSINESS AS USUAL
ITEM #8: SOLVING THE SETTLEMENT MAZE
ITEM #9: Five Questions You Should Ask Before Consulting a Settlement Planner