Government Benefits Planning
Many victims of injury depend on federal and state-funded programs for health insurance and supplemental income. When an individual receives a recovery from a settlement or verdict, there are often concerns as to whether those benefits will be in jeopardy as a result.
Forge can assist our clients in navigating through the complex guidelines of programs such as Medicare, Medicaid, Social Security Disability, and Supplemental Security Income and provide solutions as to how to preserve those vital benefits while using their recovery to better their overall quality of life.
Structured Settlements& Annuity Planning
Whether it is to fulfill a need for income, provide risk mitigation in a portfolio, or for comprehensive tax-advantaged planning, annuities can be an excellent tool for meeting financial objectives unique to individuals and families in receipt of lawsuit recoveries.
In addition to structured settlement annuities, Forge also utilizes the traditional insurance marketplace to expand the available options for our clients, ensuring that the best possible product is used to meet the specific goal.
Trust Planning
Your source for special needs
and estate planning with fiduciary services in all
50 states through Advocacy Trust.
Insurance Planning
Insurance—whether to assist with critical medical coverage or to ensure that a loved one leaves behind the financial support necessary for their care—is a crucial need for any family plan. Equally important is understanding the types of health and life insurance coverage that are available and determining as to what is most suitable for a client’s unique situation. Our professionals are prepared to educate and ultimately implement these components to provide peace of mind to our families.
Money Management
Forge created Advocacy Wealth, a Registered Investment Advisory, to create predictable solutions unique to each client. Advocacy's analysis results in plans that are customized and based on your needs—not on a choice of pie charts. Advocacy provides you an alternative to retail trust and investment products.
Visit the Advocacy Wealth
website to learn more.
Deferral Solutions
As a contingent-fee attorney, you have a unique opportunity to shape both your firm’s future and your personal financial planning. By working with Forge Consulting and our trusted partners, you can build a stream of income for your firm’s ongoing needs, secure an income stream for your personal financial planning, and potentially reduce your current income tax exposure. Our goal is to help you create a proactive plan to achieve your professional and personal financial planning objectives.
Structured Attorney Fees
As a contingency fee-based attorney, you have the unique option to defer your fees and delay the recognition of taxable income on your cases. A Structured Attorney Fee is similar to a Structured Settlement Annuity in which your physically injured plaintiff client may participate. It is an insurance product offered by a highly-rated life insurance company to defer your fees to future years. Backed by the financial strength of the insurance carrier, these payments are outlined in the annuity contract and are fixed and determinable.
Market-Based Structured Attorney Fees
Market-Based Structured Attorney Fees are essentially market-based structured settlements. The fee deferral is funded directly by the defendant or a Qualified Settlement Fund (QSF), as with a traditional attorney fee structure. Your fee is converted from dollars into units, and you elect to have the units paid at certain times in the future. While the units and payout dates remain fixed, the value of the fee deferral will fluctuate over time based on market performance.
These products have a stated investment objective at inception that may be adjusted at certain times in the future. This differs from a traditional attorney structure, which is an insurance product with a fixed payout determined at the beginning. These products also utilize an assignment company in a jurisdiction with a strong tax treaty with the United States, such as Barbados or Ireland, where the funding is not recognized as immediate taxable income because it represents a contractual liability with income determined in the future.
Non-Qualified Deferred Compensation
Non-Qualified Deferred Compensation is a similar program used by Fortune 500 companies to incentivize executive teams and retain talent and is now available to contingency fee-based attorneys. These programs are governed under Section 409A of the tax code and function similarly to an unlimited 401(k) or IRA without required minimum distributions at age 59½.
Contributions are made on a pre-tax basis, which may reduce current tax liability and allow more funds to be invested. Investment gains grow on a tax-deferred basis, so income taxes are not paid until funds are withdrawn. These programs often provide flexibility in withdrawal timing, may allow the use of an outside investment manager, and may offer access to a line of credit. The pre-tax and tax-deferred structure can allow for greater long-term accumulation over time.
There are several proven, established, and desirable products available today. To learn more about deferring your contingent fees and which product or combination of products may best suit your needs, please contact Forge Consulting at 866-683-6743.
Structured Attorney Fees
As a contingency fee-based attorney, you have the unique option to defer your fees and delay the recognition of taxable income on your cases. A Structured Attorney Fee is similar to a Structured Settlement Annuity in which your physically injured plaintiff client may participate. It is an insurance product offered by a highly-rated life insurance company to defer your fees to future years. Backed by the financial strength of the insurance carrier, these payments are outlined in the annuity contract and are fixed and determinable.
Market-Based Structured Attorney Fees
Market-Based Structured Attorney Fees are essentially market-based structured settlements. The fee deferral is funded directly by the defendant or a Qualified Settlement Fund (QSF), as with a traditional attorney fee structure. Your fee is converted from dollars into units, and you elect to have the units paid at certain times in the future. While the units and payout dates remain fixed, the value of the fee deferral will fluctuate over time based on market performance.
These products have a stated investment objective at inception that may be adjusted at certain times in the future. This differs from a traditional attorney structure, which is an insurance product with a fixed payout determined at the beginning. These products also utilize an assignment company in a jurisdiction with a strong tax treaty with the United States, such as Barbados or Ireland, where the funding is not recognized as immediate taxable income because it represents a contractual liability with income determined in the future.
Non-Qualified Deferred Compensation
Non-Qualified Deferred Compensation is a similar program used by Fortune 500 companies to incentivize executive teams and retain talent and is now available to contingency fee-based attorneys. These programs are governed under Section 409A of the tax code and function similarly to an unlimited 401(k) or IRA without required minimum distributions at age 59½.
Contributions are made on a pre-tax basis, which may reduce current tax liability and allow more funds to be invested. Investment gains grow on a tax-deferred basis, so income taxes are not paid until funds are withdrawn. These programs often provide flexibility in withdrawal timing, may allow the use of an outside investment manager, and may offer access to a line of credit. The pre-tax and tax-deferred structure can allow for greater long-term accumulation over time.
There are several proven, established, and desirable products available today. To learn more about deferring your contingent fees and which product or combination of products may best suit your needs, please contact Forge Consulting at 866-683-6743.
