Avoiding the Plaintiff Double Tax

Jeremy Babener
Jeremy Babener
Structured Consulting

Jeremy advises plaintiffs and plaintiff lawyers on tax strategies at settlement.

Kent Hansen
Kent Hansen
Amicus Law Firm

Kent is a settlement planner and attorney in Logan, Utah.

On-Demand: February 7, 2025

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Program Summary

Since the tax law changes in 2018, many plaintiffs have faced unexpected tax burdens, paying more than they should on their settlements. The new rules have eliminated the ability to deduct legal fees, resulting in plaintiffs being taxed on both the settlement amount and the portion allocated to their legal fees. This issue affects various types of taxable damages, such as emotional distress, defamation, harassment, punitive damages, and interest. Fortunately, using trust strategies prior to settlement can help plaintiffs avoid this "double tax" scenario. In this session, we’ll guide plaintiff attorneys through the key information they need to ensure their clients are not overtaxed.

This course is co-sponsored with myLawCLE.

Key topics to be discussed:

  • Impact of the plaintiff double tax on settlement outcomes
  • When and how the double tax applies in different case types
  • Effective strategies plaintiff attorneys can take to protect clients

Closed-captioning available

Speakers

Jeremy-Babener_Structured-Consulting_FedBarJeremy Babener | Structured Consulting

Jeremy advises plaintiffs and plaintiff lawyers on tax strategies at settlement. He serves on the legal committees of the three national settlement planning associations, and previously served in the U.S. Treasury’s Office of Tax Policy.

 

Kent Hansen_FedBarKent Hansen | Amicus Law Firm

Kent is a settlement planner and attorney in Logan, Utah. Kent’s education includes a law degree from Texas Tech University School of Law, a master’s degree in Personal Financial Planning from Texas Tech University, and a bachelor’s degree in History from Utah State University.

He is a current board member of the Estate Planning Council of Northern Utah and a former board member of the Society of Settlement Planners.

Agenda

I. Impact of the plaintiff double tax on settlement outcomes | 2:00pm – 2:20pm

II. When and how the double tax applies in different case types | 2:20pm – 2:40pm

III. Effective strategies plaintiff attorneys can take to protect clients | 2:40pm – 3:00pm

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