Plaintiff
Attorney Fee Structures
Benefits
of Choosing to Structure Your Attorney Fees:
-
Defer
Income Taxes*
Taxes
on structured fees may be deferred until payments are received.
The payments are reported on Form 1099 in the year payment is
made
-
Helps
Settle a Case
Structuring
your fees can help settle a case because the defendant can get
a full release of liability through a third-party assignment
-
Stand-Alone
Structured Settlement and Assignment Available
If
the claimant is eligible for a structured settlement but chooses
not to structure, you can still structure your fees
Flexible
Design
- Payment
Frequency
Choose
the frequency of your payments, such as monthly, quarterly, annually
and deferred lump sums. First payment on the contract may even
be deferred up to 20 years (or longer in certain cases).
- Choose
Payments to the Individual Attorney or to the Law Firm
Payments
to Individuals - Choose payments guaranteed for life or a
specific period of time when payments are made payable to the
individual attorney in his or her own name rather than the law
firm. Rated Ages, which may increase the benefit amount for attorneys
with medical impairments, are also available when payments are
made to the individual attorney.
Payments
to Law Firms
- Payments
may be made payable to the law firm, provided the firm signs a
hold harmless agreement that indemnifies the Life Insurance Company
in the event of a dispute within the firm. Benefits quoted must
be for certain periods or lump sums only. Life contingent payments
and rated ages are not available when payments are made to a law
firm.
*The
information contained herein is our understanding of current laws
as they relate to annuities and life insurance. These laws are subject
to change in the future. Please consult your personal advisor for
any needed legal, tax, or accounting advice.
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