Why Aren’t More Attorneys Utilizing the Fee Deferral Programs?
Like most retirement plans, attorney fee deferral programs have benefits and risks associated with implementation.
CUTTING EDGE INDUSTRY THOUGHT LEADERSHIP INSIGHTS
Synergy’s blog brings you the industry’s foremost thought leadership InSights on matters of healthcare lien resolution and Medicare Secondary Payer Compliance. Visit often to discover helpful InSights on important lien resolution compliance issues.
Reduction of Taxation of Contingent Attorney Fees – A Comprehensive Guide
Trial attorneys can invest all or part of their contingent attorney fees on a pre-tax and tax deferred basis.
A Unique Opportunity for Contingent Fee Lawyers to Tax Plan for Tomorrow
An often-overlooked issue for plaintiff attorneys is the management of taxation of their own contingent legal fees.
Don’t Forget to Protect Your Fees from the Tax Man
March 11, 2021 Anthony F. Prieto, Jr., CFP® Trial lawyers have been deferring fees into structured settlement products dating back to the early 1990s. The IRS challenged fee structure arrangements in Childs v. Commissioner.[1] In this seminal 1994 tax case, the IRS argued the fees should be taxed in the year earned; however, the lower […]
Unique Planning Tool to Defer Taxation of Contingent Legal Fees
May 13, 2020 An often-overlooked issue for plaintiff attorneys is the management of taxation of their own contingent legal fees. As part of the normal rhythm of their practices, many attorneys experience peaks and valleys with their own personal income. This leads to concerns for trial attorneys about the unpredictability of their own income. However, […]
Reduce Taxes and Save for Retirement with Attorney Fee Deferrals
Reduce Taxes and Save for Retirement with Attorney Fee Deferrals A few months ago, a trial attorney in New York City had just settled a big case. He was like a lot of people reading this article; well-respected, successful, hardworking. But while he was excited about the result, he was frustrated with the massive amount […]
Do You Want to Retire With a Six-Figure Pension?
According to Yahoo Finance, in 1998 59% of Fortune 500 companies offered traditionally defined benefit pension plans to new hires. However, by 2017 Yahoo reported that only 16% of those same companies offered a traditional defined benefit pension plan. Defined Benefits Pensions typically pay a retiring employee a percentage of their average earnings for the […]
Attorney Fee Deferrals: The Time is Now to Defer Taxation of Contingent Legal Fees
Investing your fees in a pre-tax and tax-deferred attorney fee deferral program is a very smart way to plan for the future. Attorney fee deferral programs are created for a variety of reasons. Based upon your specific planning needs and objectives, you can defer your contingent legal fees to accomplish any of the following: Cover […]
Defer Taxation of Your Legal Fees and Take Control of Timing of Income
Many attorneys have questions when it comes to how to avoid the spikes in income and the accompanying taxation common with contingent legal fees. There are custom tailored solutions for attorneys who work on a contingent fee basis to avoid these issues. Attorney fee structures and deferred compensation arrangements allow lawyers to avoid taking income […]