Plaintiff attorneys in the know have been structuring their fees for many years. They have
long valued the certainty, the security and the tax advantage that comes from deferring fees into a future year.
New York Life has always been a popular choice among the many excellent life markets offering structured attorney fees. But until this month (June, 2010) attorneys could only structure their fees with New York Life if their client structured part of their settlement proceeds.
I am extremely pleased to announce that this restriction has now been lifted.
Attorneys who wish to structure their fees with New York Life may now do so even if their clients choose to accept their settlement in cash provided the underlying claim qualifies under IRC 130 as a personal, physical injury case.
Why is This Worthy of Special Mention?
This inclusion means that now, ALL Structured Settlement life markets now offer stand alone structured attorney fees. This further reinforces the viability of structuring fees from a tax perspective;
New York Life was the market leader in fixed annuity sales in the first quarter of 2010 according to the recently released Beacon Research Fixed Annuity Study. They topped the list with over $1.7 Billion in fixed annuity sales;
New York Life is one of the few companies that can boast top ratings from all four major rating agencies: A. M. Best, Moody's, Standard & Poor's and Fitch;
Ultra-conservative attorneys who regularly structure their fees like having an assortment of structured fees spread among several different life markets. Having New York Life now available when their clients "cash out" adds another option.
Practitioners seeking to secure their futures can gain a terrific financial advantage by structuring their fees. Because it's vitally important to follow the established sequence of events in order to preserve the tax advantage, be sure to call me before your case settles to make sure everyone is in compliance. Certain underwriting limitations may apply and attorneys are naturally encouraged to seek their own independent tax advice.
To learn more about how valuable this strategy can be or to receive a structured attorney fee quote, call anytime. In these tumultuous financial times, who among us couldn't use a little extra financial security?
Thank you for the opportunity to be of service!
Dan Finn, CPCU, CSSC
Certified Structured Settlement Consultant