Structured attorney fees, MetLife improves options for lawyers

In this weeks broadcast of Speaking of Settlements, Mark Wahlstrom outlines the significant changes and improvements for lawyers to structure their legal fees, thanks to some improvements to the MetLife structured legal fee program. Structured legal fees are the ONLY means by which lawyer make take income from one tax year and spread it over set periods of time, and now even for their life times, all with beneficiary and estate protection. This unique benefit is poorly understood and poorly shared with lawyers nationally but with the loses in retirement accounts, aversion of risk and a desire to reduce high tax bites, structured legal fee's on one of the best possible options. 

In a long awaited move, Met Lifelast week announced some significant improvements in their structured legal fee annuity offerings. These moves make some technical modifications that improve beneficiary options, but more importantly will allow for life time payments for attorneys on their legal fee.

The changes are as follows:

1. Attorney's are no longer limited in their ability to name specific beneficiaries. The attorney can now name his or her spouse and or children as beneficiary. Prior to this change it was required that the attorney name either their estate or law firm as the beneficiary of any remaining payments. The prior policy was a big sticking point with many lawyers over the years and this expanded language is a helpful upgrade.

2. Previously the beneficiary designation was irrevocable, now the designation is revocable and as such much more flexible from an estate and business planning stand point. The prior rule was a deal killer with most lawyers and led to a lot of structured legal fee's going to other markets.

3. Structured legal fee's can now be paid for the life of the attorney, a substantial benefit as lawyers look for ways to secure long term structured income that they can not out live or outspend.

These changes are coupled with the existing benefits such as stand alone legal fee options and the strength of having Met Life Tower Resources as the guarantor of the payments.

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