December 1, 2013

Lawyers’ Personal Investment Plans and Tax-Subsidized Opportunities

By Paul L. B. McKenney

On July 31, 2009, the Senior Lawyers Division and Section of Taxation cosponsored a program at the ABA Annual Meeting, co-chaired by Bruce Alan Mann, chair of the SLD Investment Strategies Committee, and Paul L. B. McKenney, vice-chair of the Sales,  Exchanges,  and Basis Committee of the Section of Taxation. The following article is based on the presentation by Mr. McKenney at that program

This article will offer a nontechnical guide to lawyers’ own investments gleaned from thirty-five years of practicing tax law. Lawyers have been a disproportionately high percentage of my client base, and we keep observing the same fact patterns. Only 18 percent of Americans have properly invested to provide a secure retirement with no diminishment to their standard of living. Unfortunately, lawyers appar- ently fit in with the national statistics.

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