Tax-Preferenced Attorney Deferral Programs – Good Tax and Investment Planning

The November 2021 Tax & Estate Planning Knowledge Circle will be held on Tuesday, November 16th at 2 pm ET.

Knowledge Circle host Scott Bishop will be joined by Mike McGarry and they will be presenting, "Tax-Preferenced Attorney Deferral Programs – Good Tax and Investment Planning."

Join Knowledge Cirlce host Scott Bishop, CPA/PFS and CFP® who will be sharing a potential tax, retirement income and planning opportunity in this interview of Mike McGarry, President of Optcapital.  During his 20+ years in financial planning Scott has worked with both personal injury attorneys and their personal injury clients in terms of life plans and structured settlements for those that were injured.  Many of these were large 7 and 8 figure settlements.  The focus of this session will be to discuss the tax planning opportunity of structuring the attorney’s fees that can also go into 7 or 8 figure deferral plans.  These deferral plans can be fixed structures, but the solutions provided by Optcapital have many flexible and powerful planning opportunities where the attorneys can (within the tax law) defer these payments, still keep the funds invested by their investment advisors (hopefully you) and give them flexible distribution access along with tax-free loan access.  With the increases possibly coming in tax rates, many potential attorney prospects can benefit from these programs to defer and smooth what tends to be erratic personal injury settlement income while still having access to the capital to fund the cases and lifestyle.

Mike is a native of Baton Rouge, Louisiana and attended Washington & Lee University in Virginia.  After graduation, Mike joined First Union National Bank where he spent 12 years in Commercial Banking.  

In 1999 Mike joined Optcapital a few months after the company’s founding.  He spent the next several years working with large corporations, health care systems and insurance companies designing executive compensation programs.

In 2002 Optcapital was asked to design a deferred compensation program for attorneys involved in the Multi-State Tobacco Litigation.  In conjunction with Ernst & Young, Optcapital designed a program specifically for contingent attorney fees, which the company has offered for the past 18 years.   Mike manages Optcapital’s law firm practice.

Away from work, Mike and his wife are proud parents of two grown daughters and are currently looking for a replacement for the greatest dog that ever lived.

More information