Winning a settlement for your client is one of the most satisfying experiences for an attorney. A settlement also comes with fees, but much of those fees could be wiped out if an attorney hasn’t thought through the tax consequences of a lump sum payout.
MetLife has been in the structured settlement business for over 30 years, helping personal injury clients structure tax-free annuity payments. It has come out with a new, under 2-minute video on structuring attorney fees. While payments from a structured fee annuity are taxable, the video shows that when payments are spread out over time, the tax obligation can be greatly reduced.
Tax Deferred, Guaranteed Income. Structuring your settlement fees allows you to better plan your financial future. You decide when to receive tax deferred payments and how much those payments will be. You can use the funds to produce a steady, stable stream of guaranteed income for your firm or you may decide to begin receiving the proceeds once you retire. You can customize the payment structure to fit your needs.
We’ve posted additional information and sample fee structures here. Give me a call with any questions.—Pat
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