When Should You Consider An Attorney Fee Structured Settlement?
Attorneys could choose a fixed annuity to structure their fees when they are seeking:
- Tax-deferred, guaranteed income;
- Cash flow protection and stability that suits their financial needs;
- An additional option for their financial portfolios.
If you choose an attorney fee structured settlement, there are conditions and rules:
- You must structure your fees after the case settles but before "constructive receipt."
- You may not own, accelerate, defer, increase, decrease, assign or encumber the payments. Like plaintiffs, attorneys merely have the right to collect the future tax-deferred periodic payments.
- Defense’s cooperation is required on both plaintiff and attorney fee structures in most circumstances.
- We advise attorneys to include language in their contingent fee agreements that would reserve their right to structure some or all of any fees they receive.
Please consult your tax advisor for more information.
Attorney Fee Article by Robert W. Wood
Attorney Fee Article by Kelly Ramsdale
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