Tax & Estate Planning Knowledge Cirlce: Tax-Preferenced Attorney Deferral Programs – Good Tax and Investment Planning
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Join Knowledge Cirlce host Scott Bishop, CPA/PFS and CFP®, and Co-Chair 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 McGarry
Optcapital
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.
Scott Bishop, MBA, CPA/PFS, CFP®
Partner, Managing Director
Presidio Wealth Partners
Scott co-founded Presidio Wealth Partners in 2023. He has worked in the financial services industry since 1995. Throughout his career, Scott has focused on customizing the financial planning process to identify specific estate, business succession, investment and retirement strategies for individual clients and their businesses. Presidio’s team utilizes a very comprehensive and customized approach that helps to ensure that our clients’ planning and investment opportunities are identified and correctly focused on now and into the future.
Scott graduated from the University of Texas at Austin with a Bachelor of Business Administration in Accounting and received his Master of Business Administration from the University of St. Thomas. Currently, Scott is a CERTIFIED FINANCIAL PLANNER™ practitioner(CFP®) and a Certified Public Accountant (CPA). Over the years, Scott has conducted Continuing Education courses for Certified Public Accountants. In addition, Scott has both authored and has been interviewed for numerous articles in financial related publications and websites such as the Wall Street Journal, MarketWatch, CNBC, New York Times, Washington Post, Time, Investor’s Business Daily, Barron’s, USA Today, Money Magazine, Investopedia.com, Investment News, Kiplinger, WealthManagement.com, Financial Planning Magazine, The AICPA Tax Section, BankRate.com, the Houston Business Journal and the CPA Forum. For his writings and contributions, Scott was named in 2019 as a Top 100 Financial Advisor in America by Investopedia. Related to his retirement planning experience, Scott is also a member of Ed Slott’s Master Elite IRA Advisor Group SM.
Scott is also an Advisory Board Member and is a guest lecturer for the University of Texas McCombs School of Business Wealth Management Center. He has been active as a member of the American Institute of Certified Public Accountants (AICPA) where he holds the Personal Financial Specialist (PFS) accreditation. Locally, Scott has been on the Board of Directors of the Houston CPA Society and has been Chairman of the Personal Financial Planning Committee. As a thought leader in Financial Planning, Scott chairs the national Tax and Estate Planning Knowledge Circle for the Financial Planning Association (an association of CFP® certificants).
Scott has been married for over 30 years to his wife Geri and they have two adult sons.
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