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May 05, 2011

Travelers Insurance Claims Doesn't Allow Structured Attorney Fees, So Plan Accordingly

by John Darer® CLU ChFC MSSC RSP CLTC

Travelers has a longstanding corporate policy on refusing structured attorney fees

If you are a plaintiff attorney seeking to do some tax planning with structured attorney fees, you are in for a big disappointment if the Defendant is a Travelers insured.

You see Travelers WILL NOT permit structured attorney fees. Travelers has a longstanding corporate policy of refusing structured attorney fees, which I confirmed yesterday with Travelers' National Director of Structured Settlements and 2 industry colleagues on their panel. That's simply their policy and they're entitled to one. This is the United States after all!

Instead of getting mad about Travelers' prohibition on structured attorney fees, if tax deferral is on your mind, plan accordingly!

1. You can structure the other cases that come up during the year with insurers who do permit such structured fees.  Layering multiple income streams through structured attorney fees may actually prove to be a good planning strategy if interest rates rise.

2. If you have a mass tort case or a multi claimant case against Travelers consider using a 468B qualified settlement fund which might be to the benefit of your clients to begin with and afford you some innovative new options annuity and non annuity based solutions for attorney fee deferrals.

3. If you have a single claimant case and optimally, 50 or older, there are retirement planning tools that may also provide you with a significant tax break.

4. Flag your case as soon as you know Travelers is the insurer so that you can plan accordingly. Involve a structured settlement expert as early as possible.

For more details about structured attorney fees and other retirement planning and income planning and protection tools for attorneys such as Attorney Fee Deferred Compensation, please contact Master Structured Settlement Consultant and AM Best Recommended structured settlement expert John Darer® at  888-325-8640.

 

Posted at 02:59 PM in 468B Qualified Settlement Funds, Albany New York Structured Settlements, Boca Raton Florida Structured Settlements, Boston Structured Settlements, Bowling Green Kentucky Structured Settlements, Bridgeport Structured Settlements, Bronx New York Structured Settlements, Brooklyn New York Structured Settlements, Buffalo New York Structured Settlements, Chicago Illinois Structured Settlements, Connecticut Settlement Planning, CT Structured Settlements, Dallas Fort Worth TX Structured Settlements, Detroit Michigan Structured Settlements, Financial Planning, Hartford CT Structured Settlements, Jacksonville Florida Structured Settlements, Long Island NY Structured Settlements, Los Angeles CA Structured Settlements, Louisville Kentucky Structured Settlements, Maryland Structured Settlements, Missouri Structured Settlements, New Haven CT Structured Settlements, New Jersey Structured Settlements, New Orleans Louisiana Structured Settlements, New York City Structured Settlements, New York Personal Injury, New York Settlement Planning, New York Structured Settlements, Newark NJ Structured Settlements, Newburgh Structured Settlements, NH structured settlements, Structured Attorney Fees, Structured Settlements in Florida, Structured Settlements in Fort Lauderdale FL, Structured Settlements in Fresno County, Structured Settlements in Illinois, Structured Settlements in Ithaca New York area, Structured Settlements in Louisiana, Structured Settlements in Maine, Structured Settlements in Miami Florida area, Structured Settlements in Michigan, Suffolk County Structured Settlements, Syracuse Structured Settlements, Texas Structured Settlements, VA Structured Settlements, Washington Structured Settlements, Westchester Structured Settlements, White Plains Structured Settlements, WV Structured Settlements |

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Guide to Structured Settlements 2024

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    Which life insurance companies issue structured settlement annuities in 2024? A list of current structured annuity issuers, the location of their home offices and their financial ratings from A.M. Best, Moodys, Fitch, Standard & Poors and/or other Tier1 NAIC ratings, with links to their websites and other useful information. Last updated June 14, 2024
  • Treasury Funded Structured Settlements
    Treasury Funded Structured Settlements are a settlement option for the most conservative using the OTHER permissible qualified funding asset under IRC 130(d), United States Treasury Bonds in addition to, or instead of, structured settlement annuities. Treasury Funded Structured Settlements can also be used to fund installment sales, also known as structured sales and other non qualified structured settlements.
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    Use the Taxable Equivalent Yield chart to help compare the Internal Rate of Return (IRR) of a structured settlement to other alternative or complementary investments. Need help with the chart? Call 4structures.com® LLC at 888-325-8640
  • Structured Settlement Payments | Types of Structured Settlements 2024
    Ways You Can Structure Your Settlement Payments in 2024. With a structured settlement you can have more than one type of payment in a single contract. Different types of structured settlement payments can be customized and combined to meet your needs on a stand-alone basis, or in conjunction with other financial products. Diversify your structured settlement, if you wish, by funding with more than one annuity issuer, with treasury funded structured settlements, index linked structured settlement payments and market based structured .
  • Structured Attorney Fees for Tax Deferral for Attorney Contingency Fees
    Structured attorney fees is a financial strategy that offers a unique way to defer taxes for lawyers and law firms. Lawyers CAN structure their legal fees even if the plaintiff doesn't structure their settlement. There are multiple ways to structure your attorney fees, such as capped or uncapped index linked structured settlement annuities where payments are adjusted based on upside changes in the S&P 500 or another index, Trial Lawyers may also use a special deferred pay/deferred compensation arrangement, if market based returns returns are desired with no cap. Plan NOW for year end! Put structured attorney fee expert John Darer® on your settlement planning team in 2024.
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    Receiving structured settlement payments from your own structured settlement or inherited structured settlement? You'll like this huge time saver. Click the title for a link to a comprehensive list of customer service telephone numbers that includes both current AND former structured settlement annuity issuers and reinsurers. If you have simple bank or beneficiary changes, or if the insurance company that issued the structured annuity has merged, sold or spun off its block of structured annuity business (e.g. Aviva, Allstate, Transamerica, AEGON, GE Capital, Liberty, CNA, Confederation Life), oran annuity issuer has changed its name and you're trying to track them down. Here you go! The list is regularly updated. Last updated May 20, 2024.
  • Structured Settlement Quote Lock-Ins | What You Need To Know
    What does a Structured Settlement Lock-In Mean? How do plaintiffs, defendants and insurers benefit from a structured settlement quote lock in when finalizing a settlement? How does the defendant/insurer/court benefit from using a structured settlement lock-in? Where to be careful when using structured settlement lock ins.
  • What Are Structured Settlement Annuities?
    Structured settlement annuities are annuities that can provide one or more customized annuity payment streams in a single contract. Read about structured settlement annuities here.
  • History of Structured Settlements
    Tracing the roots of structured settlements history from 1918, when Congress exempted damages for personal injury or sickness from income tax, to the establishment of structured settlements as a core personal injury settlement planning tool to the present day.
  • What Are Market Based Structured Settlements?
    Market based structured settlements are an alternative or supplementary structured settlement solution for the plaintiff, attorney or law firm that: 1. Can afford to take some market risk 2. Have discretionary settlement dollars. Claimants and attorneys alike may find that market-based structured settlements provide the opportunity to receive tax-free income, or tax-deferred income, while enjoying growth potential.
  • iStructure |Uncapped Fixed Index Structured Settlement Annuity
    iStructure is an innovative game changing fixed index structured settlement annuity for plaintiffs or attorneys. with an intermediate to long term horizon
  • Structured Settlements and Longevity Risk| What Are the Odds?
    Do your financial resources give you enough road, or will the road run out before you do? A structured settlement annuity helps mitigate the risk of outliving your savings, no matter how long you live. A structured settlement can include one or more customized payment streams and types.

Qualified Settlement Funds

  • What is a Qualified Settlement Fund?
    Qualified Settlement Funds | What You Need to Know
  • Firmwide Qualified Settlement Funds Debunked
    Firmwide qualified settlement funds have been heavily promoted to trial lawyers, but have been debunked in a detailed analysis in a July 2022 legal opinion a tax partner at the law firm of Faegre Drinker Biddle & Reath, LLP. Trial lawyers and firms who have established Firmwide QSFs or coinsidering establishing a Firmwide QSF should read the analysis as part of their evaluation.

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