Settlement Planning Tips for Personal Injury Attorneys

To schedule a 30-minute call with Greg Maxwell, please visit: https://go.oncehub.com/call-with-greg-maxwell In this special episode, attorney Greg Maxwell shares a powerful tax planning strategy that allows plaintiff attorneys to significantly reduce their income taxes by deferring their contingent legal fees. Contact Greg Maxwell at (801) 683-7362 or at  Maxwell@AmicusPlanners.com  if you have an...

To schedule a 30-minute call with Greg Maxwell, please visit: https://go.oncehub.com/Greg30MinCall In this special episode, attorney Greg Maxwell shares with attorneys a powerful tax planning strategy that can significantly increase their client’s after-tax net recovery while providing them with liability protection and peace of mind. Tune in to learn how this strategy can benefit both clients and...

To schedule a 30-minute call with Greg Maxwell, please visit: https://go.oncehub.com/Greg30MinCall Since the Tax Cuts and Jobs Act of 2017, plaintiffs have been taxed on the full gross recovery in cases not based on personal injury (including the attorney fees). We call this the Plaintiff Double Tax Trap. This special episode shares a powerful tax planning strategy that can help clients avoid payi...

Plaintiff attorneys often ask us what the options are for clients to maintain needs-based government benefits after receiving a settlement. In this episode, Greg Maxwell outlines the four main options available to clients on needs-based benefits, discusses the differences between them, and when each of the options may make sense for the client. Contact Greg Maxwell at (801) 683-7362 or at Maxwell@...

A structured settlement annuity can be an excellent option for a client receiving a settlement from a personal injury. In this episode, Greg Maxwell outlines the process of establishing a structured settlement annuity for a settling client. Contact Greg Maxwell at (801) 683-7362 or at Maxwell@AmicusPlanners.com if you have any questions about this podcast episode. ⁠— Join the Personal Injury Attor...

If a past client finds themselves in a situation where they may need/want immediate access to cash, it's not uncommon for them to be tempted by predatory factoring companies. (Think of the commercials with the singing, dancing Vikings...) In this episode, Greg Maxwell discusses how attorneys can help a client who has decided to sell their future annuity payment get the best possible deal. Contact...

In addition to the typical tax planning strategies recommended to most business owners (e.g., 401(k), IRAs, etc.), personal injury attorneys have access to some powerful tax planning options that are unique to contingency fee-based attorneys. In this episode, Greg Maxwell shares how contingency fee-based attorneys can defer their taxes and grow their wealth using both traditional options and the u...

When we work with a client to set up a settlement trust, one of the most important decisions we make with the client is helping them choose the trustee of the trust. In this episode, Greg Maxwell discusses the two most common trustee options, outlines the important differences between the two, and gives some guidance on what we typically recommend. Contact Greg Maxwell at (801) 683-7362 or at Maxw...

For clients in a low-income tax bracket, not every client necessarily needs the tax benefits that a structured settlement annuity provides. In some cases, a fixed income annuity may be the better option (due to higher long-term rates of return). In this episode, Greg Maxwell talks about the differences between a structured settlement annuity and a fixed income annuity, and the situations when one...

We work with contingency fee-based attorneys nationwide to help them establish deferred compensation plans.  In this episode, Greg Maxwell shares the specific planning approach that has yielded the best results for our clients. (Hint: it doesn't involve waiting for the "big one" to defer fees). Contact Greg Maxwell at (801) 683-7362 or at Maxwell@AmicusPlanners.com if you have any questions about...

A special needs trust is a valuable settlement tool — but may not be an available or viable option for many clients. In this episode, Greg Maxwell discusses when it may make sense to recommend a special needs trust to a settling client.  Contact Greg Maxwell at (801) 683-7362 or at Maxwell@AmicusPlanners.com if you have any questions about this podcast episode. ⁠— Join the Personal Injury Attorney...

One of the main benefits of using a structured settlement annuity with a personal injury client is the annuity provides dissipation protection. In this episode, Greg Maxwell talks about why dissipation protection is so important — and he shares some of the other benefits a structured settlement annuity offers. Contact Greg Maxwell at (801) 683-7362 or at Maxwell@AmicusPlanners.com if you have any...

We often get asked by attorneys whether they should max out their 401(k) plan or instead establish and fund a deferred compensation plan. In this episode, Greg Maxwell discusses the differences between a 401(k) plan and a deferred compensation plan for attorneys, and why we think it's smart to have both. Contact Greg Maxwell at (801) 683-7362 or at Maxwell@AmicusPlanners.com if you have any questi...

Special needs trusts and ABLE Accounts provide similar benefits, but there are some key differences. In this episode, Greg Maxwell discusses the differences between special needs trusts and ABLE accounts, and when to consider one (or both) for your client. Contact Greg Maxwell at (801) 683-7362 or at Maxwell@AmicusPlanners.com if you have any questions about this podcast episode. ⁠— Join the Perso...

In some cases, clients who have set up structured settlement annuities are marketed to about selling their future payments in exchange for a lump sum. These deals are rarely a good idea for clients. In this episode, Greg Maxwell shares what can be done to advise and protect clients interested in pursuing a factoring transaction. Contact Greg Maxwell at (801) 683-7362 or at Maxwell@AmicusPlanners.c...

When deferring contingent legal fees, attorneys have the option to use either a structured settlement annuity or a deferred compensation plan as the funding vehicle. In this episode, Greg Maxwell talks about the process of deferring fees using these two funding vehicles and the differences between them.  Contact Greg Maxwell at (801) 683-7362 or at Maxwell@AmicusPlanners.com if you have any questi...

A special needs trust cannot pay for expenses that SSI is already paying for; otherwise, a beneficiary can use the funds in their special needs trust to pay for nearly anything that the beneficiary may need. In this episode, Greg Maxwell talks more about the distribution guidelines of special needs trusts. Contact Greg Maxwell at (801) 683-7362 or at Maxwell@AmicusPlanners.com if you have any ques...

One of the most common questions we get from settling plaintiffs is this: "If I choose a structured settlement annuity for all or a portion of my settlement, are the future payments taxable?" In this episode, Greg Maxwell discusses the code sections regarding structured settlement annuities and the preferential tax treatment if certain conditions are met. Contact Greg Maxwell at (801) 683-7362 or...

Many attorneys struggle to attract and retain key associates without having to give up equity in their firm. In this episode, Greg Maxwell discusses how attorneys can use deferred compensation plans as an incentive ("golden handcuffs") to retain key associates. Contact Greg Maxwell at (801) 683-7362 or at Maxwell@AmicusPlanners.com if you have any questions about this podcast episode. ⁠— Join the...

Plaintiffs in taxable damage cases are often left with a large tax bill as a result of their settlement (due to changes from the Trump tax laws). In this episode, Greg Maxwell shares how attorneys can help mitigate their client's tax liability in taxable damages cases. Contact Greg Maxwell at (801) 683-7362 or at Maxwell@AmicusPlanners.com if you have any questions about this podcast episode. ⁠— J...

Factoring companies ("cash now" companies) often prey on injury settlement recipients and convince them to sell their future annuity payments. In this episode, Greg Maxwell discusses how attorneys can protect their clients from these predatory factoring companies. Contact Greg Maxwell at (801) 683-7362 or at Maxwell@AmicusPlanners.com if you have any questions about this podcast episode. ⁠— Join t...

Unlike other professionals (or even other lawyers), personal injury attorneys have the unique ability to defer their legal fees to future tax years. In this episode, Greg Maxwell shares the case law that allows for contingency fee-based attorneys to defer fees. Contact Greg Maxwell at (801) 683-7362 or at Maxwell@AmicusPlanners.com if you have any questions about this podcast episode. ⁠— Rate &amp...

A special needs trust is a great solution to help personal injury settlement recipients keep their Medicaid and SSI benefits after receiving a settlement. In this episode, Greg Maxwell outlines the eligibility requirements for a special needs trust. Contact Greg Maxwell at (801) 683-7362 or at Maxwell@AmicusPlanners.com if you have any questions about this podcast episode. ⁠— Rate & Review the...

When we work with attorneys to establish their deferred compensation plans, they often ask us how to handle IRS Form 1099s. This episode outlines the typical flow of 1099 forms when a plaintiff attorney defers contingent legal fees into a deferred compensation plan. Contact Greg Maxwell at (801) 683-7362 or at Maxwell@AmicusPlanners.com if you have any questions about this podcast episode. ⁠— Rate...

In this episode, Greg Maxwell outlines the benefits of our proprietary Government Benefit Assessment. The Assessment allows your firm to outsource government benefits planning issues to our firm — all at no cost to your firm.  In short, our goal is to make sure that a client's settlement doesn't jeopardize their ongoing eligibility for needs-based government benefits, and it removes this hassle fr...