Celebrating 10 years! 2007-2017

Just settled a nice injury case

Hello JDU Been a while but have some good news to report subprimejd10/27/17
Nice job on the settlement! Wondering if you could offe startupesq11/21/17
Once you settle the 3rd party limits, then open a claim with subprimejd11/22/17
Congrats! But are you really placing your clients' interests mrtor10/27/17
We are talking 60 days here until Jan 1, 2018. None of t subprimejd10/27/17
If you manage to collect another $ 7200 in fees this year, t caj11110/27/17
Wife made 60k That puts us at 180k See why it makes sens subprimejd10/27/17
The Social Security limits apply to your individual incomes, caj11110/27/17
Is California a gap theory state for UIM? Usually blue state shikes10/27/17
Torn labrum 2 shoulder surgeries subprimejd10/28/17
Congrats dude! And I'm with you on delaying settlements so l isthisit10/28/17
Thanks! Clients are doing fine and dandy. If they were in a subprimejd10/28/17
subprimejd (Oct 27, 2017 - 9:12 am)

Hello JDU
Been a while but have some good news to report
In Cali, I settled an injury case for 15k limits.
Client had 250k UIM, or underinsured motorist coverage.
Just settled the UIM portion for 200k. The most we could get was 235k (less the 15k we recovered) from 3rd party.
66k in fees
Annual income for 2017 approximately 120k
4th year as a solo, 6.5 years in practice
I have more cases I can settle but I’ll stall them out to 2018 so I don’t get taxed too heavily

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startupesq (Nov 21, 2017 - 11:30 am)

Nice job on the settlement!

Wondering if you could offer some guidance..just starting out on my own after working in a different legal capacity for five years, but a personal injury case landed in my lap and I have a few questions.

Client has about $75,000 in medicals and lost wages (multiple spine surgeries due to motor vehicle accident). The insurance company is willing to settle for policy limits of $50,000. Client has UIM of $100,000. When settling the UIM portion, did you have to file a breach of contract suit or were they willing to pay based on the settlement from the insurance company along with the copies of medicals/lost wages? In a nutshell, what heavy lifting did you have to do to get the UIM to kick in? Thanks!

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subprimejd (Nov 22, 2017 - 6:37 pm)

Once you settle the 3rd party limits, then open a claim with 1st party carrier (uim). I’m in a Cali, I just called them and wrote an email.
Once I get the records I sent demand and got paid

Good luck

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mrtor (Oct 27, 2017 - 11:58 am)

Congrats! But are you really placing your clients' interests secondary to your tax bracket? As a newer solo, you should be focusing entirely on achieving the best outcomes to build your reputation. The longer term benefits of that will far outweigh the additional tax dollars.

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subprimejd (Oct 27, 2017 - 2:39 pm)

We are talking 60 days here until Jan 1, 2018.

None of them are in a serious situation. If anything, a bit of a stall could add a few more dollars

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caj111 (Oct 27, 2017 - 3:23 pm)

If you manage to collect another $ 7200 in fees this year, that puts your total income at
$ 127,200, the maximum amount of income that you would pay the 12.4% Social Security tax. Anything over that, you're only paying regular tax and the 2.9% Medicare tax, so I don't see how it necessarily makes sense to defer as much as possible to the next year.

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subprimejd (Oct 27, 2017 - 3:34 pm)

Wife made 60k
That puts us at 180k
See why it makes sense to defer now?

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caj111 (Oct 27, 2017 - 8:47 pm)

The Social Security limits apply to your individual incomes, not collectively. But given the fact that our current president could reduce tax rates next year, maybe it makes sense.

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shikes (Oct 27, 2017 - 8:08 pm)

Is California a gap theory state for UIM? Usually blue states are excess I would think.

Nice job, good settlement. What were the injuries, out of curiosity?

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subprimejd (Oct 28, 2017 - 1:41 am)

Torn labrum
2 shoulder surgeries

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isthisit (Oct 28, 2017 - 12:53 am)

Congrats dude! And I'm with you on delaying settlements so long as it isn't to the detriment of your client. But this is a business not the church/non-profit so ultimately do what works best for you.

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subprimejd (Oct 28, 2017 - 1:42 am)

Thanks!
Clients are doing fine and dandy. If they were in a bad situation then I’d move ASAP. But this is the injury game, where dragging feet is the norm from all sides.

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