Settlement Planning Tips for Personal Injury Attorneys

At Amicus, we often receive questions about constructive receipt.  In this episode, Greg Maxwell explains what the doctrine of constructive receipt is, and when you need to worry about it in your cases. Contact Greg Maxwell at (801) 683-7362 or at Maxwell@AmicusPlanners.com if you have any questions about this podcast episode. ⁠— Rate & Review the Podcast ⁠— https://amicus.llc/review ⁠— Join t...

Structured settlements are common for cases based on personal, physical injury. However, using a structured settlement in a taxable damages case (defamation, employment litigation, etc.) can save your client a significant amount of income tax. In this episode, Greg Maxwell discusses some of the advantages of using structured settlement annuities in taxable damages cases. Contact Greg Maxwell at (8...

A common question we often hear regarding special needs trusts is: "What happens to the funds in the trust when the beneficiary passes away?"  In this episode, Greg Maxwell answers these questions and outlines a few additional things to consider before setting up a special needs trust. Contact Greg Maxwell at (801) 683-7362 or at Maxwell@AmicusPlanners.com if you have any questions about this podc...

If you're involved in cases with minors, placing the settlement funds in a blocked bank account means that once the clients turn 18 years old, they have immediate access to the entire settlement amount.  In addition, the interest earned on funds in blocked bank accounts is minimal. In this episode, Greg Maxwell explains why using a structured settlement annuity can be a great option for cases invo...

Using a structured settlement annuity isn't the only way to defer contingent legal fees to future tax years. In this episode, Greg Maxwell discusses another great option for deferring attorneys' fees. (This option avoids many of the downsides of using an annuity.) Contact Greg Maxwell at (801) 683-7362 or at Maxwell@AmicusPlanners.com if you have any questions about this podcast episode. ⁠— Rate &...

Your clients often do not know if they are receiving SSDI or SSI because both benefits come directly from the Social Security Administration, and both are only available to disabled individuals. However, it's important to verify which benefits your client is receiving, because receiving a personal injury settlement will likely impact SSI benefits, but has no impact on SSDI benefits. In this episod...

For catastrophically-injured clients receiving a structured settlement annuity, a rated age can be assigned based on the degree of their injuries. If a client is able to receive a high rated age, then the structured settlement annuity rate of return will be higher. In other words, a higher rated age yields a higher overall rate of return on the annuity. In this episode, Greg Maxwell discusses medi...

Funds placed into a special needs trust are not counted by Medicaid and SSI when determining ongoing eligibility.  A special needs trust can be a great solution for disabled clients who are unable or unwilling to spend down on the allowed items in the calendar month they receive the settlement. In this episode, Greg Maxwell discusses what types of expenses a special needs trust can pay for on beha...

Structured settlement annuities can be a valuable tool for personal injury clients. In this episode, Greg Maxwell shares two case studies where using a structured settlement annuity often makes sense for clients. Contact Greg Maxwell at (801) 683-7362 or at Maxwell@AmicusPlanners.com if you have any questions about this podcast episode. — Rate & Review the Podcast ⁠— https://amicus.llc/review...

Your clients may be tempted to sell their annuity to "cash now" companies. How can you prevent them from being taken advantage of and receiving pennies on the dollar from predatory "cash now" factoring companies? In this episode, Greg Maxwell shares one of his favorite strategies to protect settlement recipients from "cash now" companies. Contact Greg Maxwell at (801) 683-7362 or at Maxwell@Amicus...

What's the difference between an ABLE account and a special needs trust? In this episode, Greg Maxwell explains the difference between the ABLE Accounts and Special Needs Trusts — and the benefits and basic details of each option. Contact Greg Maxwell at (801) 683-7362 or at Maxwell@AmicusPlanners.com if you have any questions about this podcast episode. — Rate & Review the Podcast ⁠— https://...

If your clients want to place a portion of their settlement funds into a structured settlement annuity, there are certain unique steps and actions that must be taken — as well as a few pitfalls to avoid. In this episode, Greg Maxwell discusses the mechanics of setting up a structured settlement annuity. Contact Greg Maxwell at (801) 683-7362 or at Maxwell@AmicusPlanners.com if you have any questio...

Deferring your contingent legal fee is a great way to reduce income taxes. However, did you know that there are other creative use cases and options that are available to you when you defer your legal fees? In this episode, Greg Maxwell gives a couple of creative use cases for attorney fee deferrals. Contact Greg Maxwell at (801) 683-7362 or at Maxwell@AmicusPlanners.com if you have any questions...

Even in the current low-interest-rate environment, some clients may still benefit from structured settlement annuities. In this episode, Greg Maxwell explains some factors to consider when looking into whether a structured settlement annuity makes sense for your client. Contact Greg Maxwell at (801) 683-7362 or at Maxwell@AmicusPlanners.com if you have any questions about this podcast episode. — R...

Special Needs Trusts are a government benefits planning option for clients who need to protect their Medicaid or SSI eligibility. In this episode, Greg Maxwell explains when you should consider using a special needs trust for a client who receives Medicaid or SSI. Contact Greg Maxwell at (801) 683-7362 or at Maxwell@AmicusPlanners.com if you have any questions about this podcast episode. — Rate &a...

What are the settlement planning options for a personal injury client? In this episode, Greg Maxwell discusses the different financial planning options for a client's settlement funds, and how they can be combined and customized according to a client's specific needs. Contact Greg Maxwell at (801) 683-7362 or at Maxwell@AmicusPlanners.com if you have any questions about this podcast episode. — Rat...

If you didn't rely on any of the defense's experts during the litigation process, why would you start relying on the defense's experts when looking into a structured settlement annuity? In this episode, Greg Maxwell explains why it is important to retain your own settlement planner in your cases. Contact Greg Maxwell at (801) 683-7362 or at Maxwell@AmicusPlanners.com if you have any questions abou...

If you're a contingency fee-based attorney, did you know that you can defer your contingent legal fees to future tax years? In this episode, Greg Maxwell discusses how attorney fee deferrals can help reduce the amount of income tax you pay every year. Contact Greg Maxwell at (801) 683-7362 or at Maxwell@AmicusPlanners.com if you have any questions about this podcast episode. — Rate & Review th...

Personal injury lawyers often call us and ask this question: "When is the right time to get a settlement planner involved in a case?" The answer is: the earlier, the better. In this episode, Greg Maxwell of Amicus Settlement Planners shares why it's helpful to get a settlement planner involved early in the case life cycle. Contact Greg Maxwell at (801) 683-7362 or at  Maxwell@AmicusPlanners.com  i...

Greg Maxwell of Amicus Settlement Planners highlights the tax-exempt status of Structured Settlement Annuities. Internal Revenue Code § 104(a)(2) and Internal Revenue Code § 130 discuss the taxation of personal, physical injuries and qualified structured settlement annuities. In addition, Greg Maxwell shares some examples of situations where the tax-exempt status of Structured Settlement Annuities...

Can Receiving a Settlement Jeopardize a Client's Government Benefits? Greg Maxwell of Amicus Settlement Planners discusses the impact that receiving a legal settlement may have on a client's government benefits (like Medicaid, SSI, and other benefits). Contact Greg Maxwell at (801) 683-7362 or at  Maxwell@AmicusPlanners.com  if you have any questions about this podcast episode. — Rate & Review...

When personal injury lawyers work with clients who are less financially sophisticated, it's obvious they would benefit from some settlement planning advice. However, even clients who have experience handling money benefit from sitting down and reviewing their future needs and goals. In this episode, Greg Maxwell highlights why settlement planning is beneficial for ALL your clients. Contact Greg Ma...

At Amicus, we often use the term "Settlement Planning" — but realize that phrase isn't widely used. Greg Maxwell defines "Settlement Planning." Settlement planning is a detailed, comprehensive look at a personal injury recipients' financial situation with specific recommendations designed to help a client be in the best possible financial position after receiving settlement proceeds. Settlement pl...

The Settlement Planning Tips for Personal Injury Attorneys Podcast aims to help personal injury attorneys become informed and educated about the issues that arise at the settlement phase of a case. This podcast is hosted by Greg Maxwell, JD, CFP® of Amicus Settlement Planners. Greg Maxwell started his career working for a personal injury law firm and was often tasked to handle issues that arose at...