Articles and posts by Southern California Structured Settlement Broker Patrick C. Farber.
Attorneys are beginning to look beyond cases typically targeted for structured settlements and recommending the settlement option to clients in a number of non-traditional, non-physical injury recoveries. Almost any type of non-physical settlement can and is being structured.
Structured settlements and the laws governing them are ever-changing. Issues like how they are taxed, when they can be used, and whether they can be sold seem to be in a near constant state of flux. For plaintiff trial lawyers who are charged with properly advising their clients regarding settlement of their cases, this instability can be disconcerting, to say the least. "For 30 years, structured settlements have provided injured people with long-term financial security and special tax benefits. How these settlements are used and funded is constantly evolving. Make sure you know all the options so you can build the best structure for your client."
Plaintiff attorneys face unique challenges when serving the needs of the injured elder population – those over the youthful age of sixty-four. One difficult issue is that many elders qualify for and utilize needs-based public benefits like Supplemental Security Income
The Centers for Medicare & Medicaid Services (CMS) has just issued revised timelines for Mandatory Insurer Reporting. The CMS announced the new implementation timelines for reporting claims under the Medicare, Medicaid, and SCHIP Extension Act (Section 111) in a November 9, 2010 memo.
The recent life and death of a jury award recipient(Schulman) is a tragic but sobering reminder of how lump sum awards or settlements can be squandered. was a homeless man when an 18-wheel truck ran over his legs.
The recent life and death of a jury award recipient(Schulman) is a tragic but sobering reminder of how lump sum awards or settlements can be squandered. was a homeless man when an 18-wheel truck ran over his legs.
Although structured attorney fees do not have all the tax advantages of structured settlements for plaintiffs, there are still elements that make them attractive. Attorneys began using structured payments for legal fees in physical injury or sickness cases after the decision in Childs vs. Commissioner, 103 T.C. 634 (1994), affirmed 898 F3d 856 (1996). The Tax Court held that attorney fees from these types of cases could be received in periodic payments.
Structured settlement broker services are client driven. Brokers should be available whenever attorneys or their clients need them, even if it is after hours and on weekends. There is no cost to either side--plaintiff or defense. This works to the advantage of all parties. Attorneys should use brokers to the fullest and expect them to work as hard on a case settlement as they do.
Clients choosing cash settlements assume the risks associated with their investments during both stable and volatile economic times. Clients requiring lifetime care and support usually do not have the luxury of being able to weather market ups and downs and fluctuating incomes, especially when unforeseen medical emergencies are part of life.
Structuring attorney fees is increasingly becoming part of a law firm or sole practitioner’s financial planning strategy. Not every fee is eligible and certain initial steps must be taken so the fee qualifies for its preferred tax status. Patrick Farber, a structured settlements broker at Ringler Associates in Southern California, talked with Mark Simurda, a CPA and tax partner with Lesley, Thomas, Schwarz & Postma, Inc., in Newport Beach about structuring settlement fees.
