Introduction: As a plaintiff attorney, it is important to ensure that a client will get a fair amount out of their...
Other Settlement Planning Topics
How to Choose a Trustee for a Settlement Protection Trust or a Special Needs Trust?
When a client receives a settlement, they often need a trust to protect the money. It could be a settlement protection...
What Happens When a Past Client Decides to Sell Their Annuity
It’s common for some clients to ask their attorneys if it is possible to sell their structured settlement annuities...
What Are the Special Needs Trust Distribution Guidelines?
Clients often ask us about the distribution guidelines of a special needs trust. Clients who will benefit from a...
How the Tax Cuts and Jobs Act Created the Plaintiff Double Tax Trap
The Tax Cuts and Jobs Act (TCJA) of 2017 had a significant impact on plaintiffs receiving taxable settlements. Prior to this change in the law, plaintiffs could list their attorney's fees as a deduction on their tax returns, avoiding paying tax on the attorney fee portion. However, the TCJA changed this. Now, individual plaintiffs cannot claim...
When a Legal Recovery is Considered Taxable to the Client
Introduction: As a plaintiff attorney, it is important to ensure that a client will get a fair amount out of their settlement award. Unfortunately, for taxable damages cases, clients have to pay taxes on the amount that they will receive and the attorney’s fee portion of the case. But there are tax planning strategies that can help clients...
How to Choose a Trustee for a Settlement Protection Trust or a Special Needs Trust?
When a client receives a settlement, they often need a trust to protect the money. It could be a settlement protection trust or a special needs trust, depending on the client’s situation. Attorneys often ask us who should be the trustee of the client’s trust. Option 1: Assigning a Professional Trustee The first option is a professional...
What Happens When a Past Client Decides to Sell Their Annuity
It’s common for some clients to ask their attorneys if it is possible to sell their structured settlement annuities which have been established years prior. Annuity holders are legally allowed to sell their annuities. However, Internal Revenue Code section 5891 and state Structured Settlement Protection Acts govern the process for people who...
What Are the Special Needs Trust Distribution Guidelines?
Clients often ask us about the distribution guidelines of a special needs trust. Clients who will benefit from a special needs trust are most likely receiving needs-based government benefits like SSI and Medicaid, so it is a good idea for them to understand the items that special needs can pay for. Due to the vast number of items that special...
How to Protect Clients From a Large Tax Bill in Taxable Damage Cases
Here at Amicus Settlement Planners, most of the calls we receive are for case settlements that are based on a personal physical injury. But every now and then we get calls for a taxable damages case. Taxable damages lawsuits include cases involving breach of contracts, discrimination, sexual harassment, defamation, fraud, whistleblower, or...
How Can Attorneys Protect Clients with Annuities from Factoring Companies?
Past settlement recipients who elected to receive all or a portion of their settlement funds via a structured settlement annuity might be tempted to sell their annuity payments to factoring companies (more commonly known as “cash now” companies). These companies often purchase annuity payments for pennies on the dollar, leaving your past...
Who Qualifies for a Special Needs Trust?
Personal injury attorneys frequently call our office and ask who qualifies for a special needs trust. There are 3 requirements for an individual to be eligible for a special needs trust: The client must be 64 years old or younger. The client must be deemed disabled by the Social Security Administration. The client should be receiving either...
What Are a Plaintiff Attorney’s Obligations to Medicare When Settling a Case?
As a plaintiff attorney, it is important to understand your obligations to Medicare when settling a personal injury case. There are two parts to consider in Medicare's interests: the Medicare conditional lien and Medicare's future interest. First is the Medicare conditional lien, which is Medicare's right of recovery from the date of...
Other Annuity Options Aside from Structured Settlement Annuities
In a settlement situation, typically when annuities are discussed, the focus is on structured settlement annuities. A structured settlement annuity is a very basic product: Money is placed into the annuity, clients and attorneys decide at the time of settlement the timing and amounts of when the future payments will be made. Once a structured...
Contact
Let Us Help You
Our goal at Amicus Settlement Planners is to be the premier, comprehensive resource for personal injury attorney for all of the financial and legal issues that arise at the time of settlement.
We'd love to explore how we can help you and your clients.