Trusts and Asset Management

Plaintiff Recovery Trust: How to Double or Triple a Plaintiff’s After-Tax Net Recovery

Two Powerful Tax-Saving Strategies for Taxable Settlements Are you an attorney or a plaintiff dealing with a settlement that will be taxable (meaning the plaintiff will have to pay income taxes on the recovery)? Are you concerned about the hefty tax burdens that can...

Options to Protect Your Client’s Medicaid and SSI

One of the most important facets of settlement planning is to ensure that needs-based government benefits like Supplemental Security Income (SSI) and Medicaid are protected once a plaintiff receives a legal recovery.  In general, clients have four options on how...

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...

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...

Setting Up a Settlement Trust for a Competent Adult

In most competent adult settlement situations, it is common for attorneys to feel that competent adults can make decisions for themselves, so they settle a case, give the client the money, and hope for the best.  In some cases, clients are savvy enough to find a financial advisor or do their own investing and make wise financial...

Considerations Before Terminating a Special Needs Trust

If you set up a special needs trust for a disabled minor who is receiving Medicaid and SSI, what happens to the money inside the special needs trust if that minor gets to the point where he/she is well enough to work and generate income, and therefore lose his/her eligibility for SSI?  Can you terminate the special needs trust and send...

How to Allocate a Plaintiff’s Settlement

Many people often ask us, "What do you mean when you say settlement planning?" Basically, settlement planning is the process of deciding how to allocate a plaintiff's settlement. The 4-bucket approach to settlement proceeds planning involves allocating the funds between four different financial “buckets” — and figuring out how much of the...

Plaintiff Attorneys and Settling Clients Need Specialized Advice

Amicus Settlement Planners works almost exclusively with personal injury attorneys and their settling clients. For Plaintiff Attorneys. We work with personal injury attorneys for their own tax planning and investment planning to make sure they are not paying any more in income tax than they need to pay. We have products and services that are...

Maximizing Flexibility and Liquidity in Minor’s Cases

In a minor settlement situation, plaintiff attorneys will often first think about using a structured settlement annuity as the settlement planning vehicle for the minor. Annuities for minors can be a great solution. The annuities are backed by the largest life insurance companies in the world, the payment amounts and dates are fixed, and...

What are the Costs Involved in Setting Up a Special Needs Trust?

One of the most common questions that we often get from clients or attorneys that are thinking about establishing a special needs trust is: ” What are the costs involved in setting up a special needs trust?” What are the Initial Costs of Setting Up a Special Needs Trust? Initially, the legal fee to get a trust up and running can be anywhere...

The Difference Between a First-Party and Third-Party Special Needs Trust

Plaintiff attorneys who need to protect their client’s Medicaid and SSI benefits may have heard of the terms “first-party special needs trust” and “third-party special needs trust”. What do these terms mean? Let us first define what first-party and third-party special needs trusts are to better understand the differences between the two. What...

Can a Settlement Trust Pay a Parent for Care Provided to a Child?

One question that we often get regarding settlement trusts is the ability or inability of the trustee of that trust to pay a caregiver for the beneficiary's care, such as in the case of a trust set up for an injured minor child. In many situations, after an accident or injury occurs, the parent of that minor child can no longer work outside...

Can a Client Own a Home and Still Receive Medicaid / SSI?

A common question that we get from settlement clients and their attorneys is, “Can a client own a home and still receive Medicaid and SSI? And can a special needs trust own a home, or does the client have to own the home in his or her name?” The answer is generally, yes — a client can own a home and be eligible for Medicaid and SSI because a...

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Our goal at Amicus Settlement Planners is to be the premier, comprehensive resource for plaintiffs and plaintiff attorneys for all of the financial and legal issues that arise at the time of settlement.

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