One of the best financial planning tools attorneys have at their disposal is structuring their fees. Listen and watch as Virginia Nelson, principal at the Law Office of Virginia C. Nelson discusses the benefits of structuring fees.
A recent article in The Wall Street Journal painted a bleak picture for those who have or are thinking of acquiring long-term care insurance. Premiums are soaring to the point that they have become unaffordable to many seniors. Insurance companies are nearly doubling premiums after realizing they had charged too little when the policies were introduced in the 1980s and 1990s. Insurance carriers have lost money and are leaving the market after widely underestimating the speed in which healthcare costs would rise, how long seniors would live and how many would actually use the premiums.
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One of the most asked questions today in our industry is "How will the Affordable Care Act (ACA) affect personal injury claims?" Attorneys are also concerned about whether the ACA will impact special needs trusts as they relate to Medicare payments.
While low interest rates are good for the economy, the anemic rates are frustrating for individuals who rely on interest payments as an important part of their income. Investment decisions can become confusing. However, for injured parties who must be sure they have enough money to pay for current and future medical bills and other living expenses, the decision remains easy.
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Extra planning is particularly needed by parents of children receiving a financial settlement due to injury and who are approaching college age.
Structuring attorney fees for later cash flow; comparison of after-tax cash flow from structured attorney's fee vs. income from taxable investment accounts showed higher net income with structured fees.
Structures are used in a variety of injury cases. The most common involve wrongful death, (especially if a surviving spouse or children need income), temporary or permanent disability and severe injuries with shortened life expectancy.
If you're like most Americans, what's in your wallet isn't nearly enough to get you through retirement. Not surprisingly, a Well Fargo Retirement Survey found that most of us severely underestimate how much savings are needed for our senior years.
