Attorney Fee Deferrals

Tax Planning Tips for Personal Injury Attorneys

Personal injury attorneys have two main tax strategies they can use to maximize their legal fees and defer income taxes. The first method is to use the traditional qualified plans and tax planning strategies that CPAs discuss with all their clients. These include 401k...

Fee Deferral Best Practices for Growing Wealth Successfully

Here at Amicus Settlement Planners, we have worked with hundreds of contingency fee-based plaintiff attorneys over the years. In working with attorneys all over the country, we’ve been able to help attorneys utilize attorney fee deferrals to successfully grow their...

What are the Differences Between a 401k Plan and a Deferred Compensation Plan for Plaintiff Attorneys?

A 401k plan and a nonqualified deferred compensation plan both allow individuals to make contributions to an account meant to help fund future needs and goals, including retirement. This article provides an overview of the key differences between 401k plans and...

How to Defer Contingent Legal Fees Using Two Different Funding Vehicles

Personal injury attorneys who want to defer their contingent legal fees have two funding vehicles to choose from: a structured settlement annuity or a deferred compensation plan. Each funding vehicle has a distinct process and can be advantageous depending on the...

Tax Planning Tips for Personal Injury Attorneys

Personal injury attorneys have two main tax strategies they can use to maximize their legal fees and defer income taxes. The first method is to use the traditional qualified plans and tax planning strategies that CPAs discuss with all their clients. These include 401k plans, defined benefit plans, cash balance plans, IRAs, Roth IRAs, Section...

Fee Deferral Best Practices for Growing Wealth Successfully

Here at Amicus Settlement Planners, we have worked with hundreds of contingency fee-based plaintiff attorneys over the years. In working with attorneys all over the country, we’ve been able to help attorneys utilize attorney fee deferrals to successfully grow their wealth. Plaintiff attorneys often tell us that they like the idea of deferring...

How to Defer Contingent Legal Fees Using Two Different Funding Vehicles

Personal injury attorneys who want to defer their contingent legal fees have two funding vehicles to choose from: a structured settlement annuity or a deferred compensation plan. Each funding vehicle has a distinct process and can be advantageous depending on the attorney’s financial goals. How to Defer Legal Fees Using a Structured Settlement...

How to Use Deferred Compensation Plans to Attract and Retain Key Associates

Deferred compensation plans offer many advantages when it comes to deferring contingent legal fees. Aside from more flexibility and privacy, attorneys can take advantage of many creative use cases. One use case of a deferred compensation plan that most law firm owners are unaware of is that the deferred compensation plan can be used to keep...

Flow of 1099s When Using a Deferred Compensation Plan

Common questions we get from attorneys who are interested in deferring their contingent legal fees include:  “How does the flow of 1099s work when I use a deferred compensation plan?”“Would the IRS think I’m under-reporting my income?” When attorneys opt to defer fees into a deferred compensation plan, the defendant will send the...

Exploring the Loan Feature of Deferred Compensation Plans

Many attorneys are not aware that if they defer fees into their deferred compensation plan, there is an option offered by the plan administrators to take a loan if they need access to capital. For example, let’s assume an attorney has deferred $500,000 into his or her deferred compensation account. The attorney can then apply for a separately...

Using Deferred Compensation Plans as a Wealth Transfer Tool

One of the most common questions that we get regarding attorney fee deferred compensation plans is: "What happens to my plan once I pass away?” This article discusses some of the options available in the event that you pass away while funds are still in your deferred compensation plan.  Transferring Wealth One of the options available to you...

Consider Adding This Language to Your Attorney-Client Fee Agreement

If you are an attorney who is looking to defer your legal fees to future tax years to save on income taxes and plan for retirement, here is an important tip: Add some language to your template fee agreement with your clients that allows for you to receive your legal fee over time, rather than receiving your entire contingent fee at the time of...

Why Plaintiff Attorneys Haven’t Heard About Deferred Compensation Plans

In the past several months, we have spoken with over two hundred personal injury attorneys and contingency fee-based attorneys from all over the country about our deferred compensation program. One of the most common questions that we get is: “Why haven’t I heard about the deferred compensation plan option before?” Usually, this is followed...

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