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expertise we offer
We love how attorneys go about making the world a better place; soliciting justice for individuals and companies. But who gets to look after their debt, hint them on profitable investment opportunities, and protect their wealth more efficiently? We do!
Here at Life Care Insurance, we help attorneys prevent their savings and wealth from mismanagement. We make it so that the 60-80 hours work weeks invested in saving others doesn’t affect your finances as an attorney.
Just as you spend time combing through several pages of legal documents to provide legal solutions for a client – we at Life Care Insurance work earnestly to ensure every cent is channeled in the right direction.
We provide impeccable finance management services that guarantee long-term financial security during and after your career as an attorney.
High Income, Complex Responsibilities
Lawyers that handle private cases often earn more than public defendants or prosecutors. Ranking as affluent professionals in their provinces; these lawyers can afford better living conditions, great schools for their kids, as well as acquiring luxurious items. To be able to maintain and manage a luxurious living, high-income lawyers need financial planning. Our goal is to simplify your complex living responsibilities to support flexible income allocation.
Life Care Insurance allows lawyers to access high-performance financial planning strategies that enable them to manage sustainable wealth for a lifetime. We help you to put a structure to the complex financial responsibilities to avoid overspending of funds, encourage savings, and plan adequately for the future.
Managing Debt
Lawyers start their careers with a cloud of educational debt hovering over their heads from years of studying law. The average attorney begins his/her career with over $120,000 of undergraduate studies and law school debt. With other obligations including mortgage payments, attorneys end up dedicating a decade or more to clearing a series of debts to remain afloat.
At Life Care Insurance, we take on the responsibility of planning our attorneys’ income to settle their debts while living comfortably. We have an outstanding record of conducting detailed cash flow analysis on our client’s income to help them forecast achievable funds allocation. The data derived is used to allocate funds to living expenses, debt payments, investments, and savings.
Saving & Investing
At Life Care Insurance, we create long-term and sustainable living financial plans to enable our clients to save and invest. We recommend viable and profitable investment plans within our lawyers’ risk tolerance and financial objectives. Our financial advisors offer strategies that align with a client’s goal for savings, creating a retirement portfolio, children’s college education funding, and home purchase.
From the consultation sessions with our financial advisors, Life Care Insurance can deduce the most suitable asset allocation strategy for creating the best diversified and customized financial portfolio. We present a comprehensive plan to help lawyers invest in commodities like mutual funds or Exchange Traded Funds for minimized risk during investment.
Our financial planners keep a close eye on the income trend and performance report of every investment. We do this to be able to track the tax efficiency of the invested commodity.
Tax Planning
Attorneys have to worry about falling into the higher taxing margins as they get to the peak of their career with high earnings and more steady cash flow. Working in law corporations or firms comes with the benefits of getting percentages of the company stock or stock options. If and when they become partners, attorneys at this stage of their career get to own a stake in their firm with entitlements to partnership shares.
At Life Care Insurance, we help our attorneys liquidate their financial positions by developing a customized tax-efficient plan to accommodate the shares and equity income. By working closely with our client’s CPA, we provide several available options to help the attorney reduce their taxable income.
This strategy has been proven to help top-tier attorneys in maximizing annual contributions to their 401(k) plans or IRAs. We are experienced at implementing tax-deduction strategies on our attorney’s taxable income.
Protecting Personal Assets
Attorneys practicing in high-risk specialties may need to do more than malpractice insurance to protect themselves against claims or losses in the case of multi-million dollar suits. Litigation lawyers on the opposing side often go after the defendant’s (attorney) savings and investment assets to get compensation for their cases. We have viable financial planning strategies in place for shielding our clients’ (lawyers) assets against claims and creditors.
Life Care Insurance helps to install investment assets into a trust to enable our attorney to have some leverage over bankruptcy in the case of high-risk suits. We have our team work with a trusted trust attorney to help our clients secure reliable trust facilitation and transfers.
Life Care Insurance also runs a scheme that allows us to supervise and monitor the asset allocation and transition to heirs and offspring of our attorney clients.
Evaluating & Choosing Insurance
Lawyers that have specialties in high-risk areas of the law purchase insurance coverage to protect themselves from potential threats or claims by clients. Insurance premiums under this category could cost attorneys between $300 and $10,000 annually. Factors including the location of practice and risks of the insured policies determine just how expensive the insurance gets.
Life Care Insurance offers fiduciary financial planning services to enable our clients to have a detailed evaluation of their malpractice coverage. Our packages do not include misaligned incentives or additional charges on financial planning services. We also offer financial consultation to lawyers that need data evaluation on their current insurance policies – or extended insurance coverage to their family members.
Grow With Life Care Insurance
We help young lawyers plan their finances as they get overwhelmed by the financial responsibilities attached to practicing law as a recent graduate from law school. Life Care Insurance assists young attorneys through the starting phase of managing low-income salaries. Even as young lawyers have seemingly low earnings, we offer the most-flexible financial plans to help them spend, save, and invest while living comfortably.
Surprisingly, we also have plans available for lawyers working at the state and local government low with ridiculously-low income. Our strategies are designed to help you plan your finances right from the first day of practicing law until you attain the partnership level at a reputable firm. Even when your law firm assumes responsibility for a fraction of your law school debt, you’d still have to fund the majority of the payments alone. While you worry about investing those 80-hour workweeks wisely, the Life Care Insurance staff is committed to helping you sort out your finances.
As a financial planning firm, we offer value to our attorney clients by drafting risk-tolerance financial planning strategies that have worked for top-tier lawyers over time. Our team becomes solely responsible for managing the inflow and outflow of your tightly-budgeted income to channel the appropriate percentages; guaranteeing financial security.