I know I covered this last week in a blog post but I also covered the news on the updates and improvements to MetLife's structured legal fee, or structured attorney fee, program in last weeks Speaking of Settlements broadcast. I am attaching a copy of the video here if any of you would like to share it or send it to attorneys or interested tax professionals.
The highlights again are that they have improved their structured legal fee annuity program to allow for a more expansive beneficiary option as well as adding in the ability to structure payments for the life of the attorney. This last feature is a huge benefit for most trial lawyers in that they can now take a taxable fee and spread it out over their life and in most cases moving it into future years of lower tax brackets with an income they can't outlive or outspend.
There is little doubt that with the steady increase in tax rates we are likely to see, coupled with the erosion of most lawyers pension and retirement funds, there is going to be renewed interest in structured legal fees so the MetLife improvements are a welcome change.