Getting beyond attitudes
Article Abstract:
Lawyers do tend to differ from many other professionals in both their income patterns and their attitudes toward money management and financial experts. Most are trained to take charge and to distrust the advice of others, while thinking they know more about finances than they usually do. They also start their careers later than others and with higher debts and higher expectations. Those who work in investable areas such as real estate often rely too much on that as a vehicle and fail to diversify.
Publication Name: ABA Journal
Subject: Law
ISSN: 0747-0088
Year: 1995
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Securing the future
Article Abstract:
An increasingly uncertain financial future for lawyers makes planning individually for retirement or other commitments more necessary than ever. Lawyers as a group are bad planners and tend to over-rely on current income without saving thoughtfully. Early action, planning ahead, and having clear goals are critical to financial security. Unfunded pension plans are at risk since firms may collapse or merge.
Publication Name: ABA Journal
Subject: Law
ISSN: 0747-0088
Year: 1995
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Early birds catch the tax breaks; it is too late to cut 1995's bill, so start now to reduce next year's tab
Article Abstract:
Taxes can be minimized if planning starts ahead of time. Techniques for tax minimization include regular contributions to tax-advantaged retirement plans; non-payment of estimated taxes since the money paid can then generate unearned income; maximizing IRC Section 179 deductions and keeping thorough records so that permissible business expense deductions are not missed.
Publication Name: ABA Journal
Subject: Law
ISSN: 0747-0088
Year: 1996
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