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Leaving a Heritage Not Just an Inheritance

Posted by Paul D. Woodard | Mar 24, 2017 | 0 Comments

After a lifetime of hard work and building a comfortable life for you and your family, there comes a time when you will have to plan for what happens after you pass away. As the old saying goes, when it comes to money, property, and belongings, you can't take it with you. However, rather than jus...

Dodd-Frank and the Fiduciary Rule

Posted by Corey F. Schechter | Mar 21, 2017 | 0 Comments

The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 was intended to regulate parts of the financial industry to reduce risk, increase accountability, and protect consumers. The law was, in part, a reaction to the most recent recession, with the goal of reducing the likelihood of...

Should I Serve as an Executor?

Posted by Paul D. Woodard | Mar 17, 2017 | 0 Comments

Accepting the job of being an executor can be a mixed blessing. An executor, also known as a personal representative, is the person who has the legal responsibility to take care of a deceased person's estate after they pass away. Before accepting the duties and responsibilities of an executor, ma...

403(b) Plans

Posted by Paul D. Woodard | Mar 16, 2017 | 0 Comments

Today, employers may offer many different retirement plan options to their employees as a benefit to employment. Between a 401(k), 403(b), and 457(b), it can be difficult to keep track of what a particular code plan is and if it is right for you. With so many IRS codes and acronyms floating aroun...

My Plan is Being Audited! Now What?

Posted by Paul D. Woodard | Mar 14, 2017 | 0 Comments

Contributing Author: Kristine M. Custodio, Advanced Certified Paralegal In my previous blog post, I discussed internal controls that plan sponsors of qualified plans can implement to avoid or mitigate compliance issues before an audit is initiated. But what happens when you receive that dreaded ...

Robo-Advisers

Posted by Corey F. Schechter | Mar 09, 2017 | 0 Comments

Individuals worried about robots taking over their lives may have to make a phone call to their wealth management provider to see if their accounts are being managed by a human being or a robo-adviser. Over the past decade, the use of robo-advisers in handling investments has grown substantially,...

Proposed Tax Deduction for Pet Medical Bills

Posted by Paul D. Woodard | Mar 08, 2017 | 0 Comments

If you own a pet, you know veterinary bills are a costly but necessary part of pet ownership. In California, Pet owners may soon be able to receive a tax deduction for medical costs incurred on behalf of their dogs and cats. On February 16, 2017, Assembly Bill (AB) 942 was introduced to the Calif...

457 plans

Posted by Paul D. Woodard | Mar 07, 2017 | 0 Comments

What is a 457 plan? A 457 plan gets its name from the Internal Revenue Code (IRC) Section 457, which establishes the plan. A 457 plan provides another option for employees to reduce their taxable income while simultaneously setting aside money for their future retirement. Generally speaking, a 4...

Benefit and Social Purpose Corporations

Posted by Paul D. Woodard | Mar 01, 2017 | 0 Comments

In the midst of the Occupy Wall Street movement, California made a move to create a new type of corporation that could operate with the public good in mind. On October 11, 2011, then Governor Jerry Brown signed the Corporate Flexibility Act of 2011 (“Corporate Flexibility Act”), creating two new ...

U.S. Supreme Court Denies Certiorari on Petition Requesting Review of Enforceability of Forum Selection Clauses In ERISA-Governed Benefit Plans

Posted by Corey F. Schechter | Feb 23, 2017 | 0 Comments

On January 17, 2017, the Supreme Court of the United States declined to decide the issue of whether forum selection clauses contained in ERISA benefit plans are enforceable when it denied Certiorari in Clause v. U.S. District Court for the Eastern District of Missouri, 2017 U.S. Dist. LEXIS 719 (...

2017 List of Dirty Dozen Tax Scams

Posted by Paul D. Woodard | Feb 16, 2017 | 0 Comments

Each year, the Internal Revenue Service identifies a “Dirty Dozen” list comprised of a variety of common tax scams that a taxpayer may encounter. Although a taxpayer may encounter the schemes described by the IRS at any time, the IRS notes that the schemes peak during the tax filing season as ind...

6 Reasons to Update Your Estate Plan

Posted by Paul D. Woodard | Feb 15, 2017 | 0 Comments

When major life events take place, government tax regulations change, or if you simply change your mind regarding how you want to distribute your property at death, it may be time to update your estate plan. Finding the time to make those changes can be challenging. However, the good news is that...

Planning for Incapacity

Posted by Paul D. Woodard | Feb 14, 2017 | 0 Comments

In many ways, planning for incapacity is even more difficult than planning for death. Eventually, we all pass away; however, it may be unfathomable to consider a time when we may be alive, but unable to communicate our thoughts or wishes to those around us. Unfortunately, many people will become ...

Revoking or Modifying Your Will

Posted by Paul D. Woodard | Feb 13, 2017 | 0 Comments

Relationships with family, friends and even charities change all the time. At the time you initially create your estate plan, you may intend to leave specific property or assets to a certain individual. However, circumstances may change and you want to change the way your assets are to be distrib...

Are Series LLCs Finally the Next Big Thing?

Posted by Corey F. Schechter | Feb 10, 2017 | 0 Comments

Series LLCs may finally be the next big thing. A Series LLC is a limited liability company that acts as the master LLC with a group of sub-units acting as independent LLCs. There are a number of possible benefits to forming a Series LLC over a traditional LLC; however, there are also additional r...

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Retirement Plans

We help establish a customized plan that meets regulatory requirements as a tax qualified plan. Following implementation, our attorneys can assist clients and their plan administrator with regular reviews and updates to help with regulatory compliance for the plan's operation, and continued effectiveness in meeting the client's specific goals.

ESOPs

We are dedicated to employee ownership. When you come to us for ESOP services, you receive influential legal counsel who stand beside you to help you stay informed, in compliance, and abreast of the latest developments-all to help you realize your plan goals as fully and effectively as possible.

QDROs

A QDRO is a specially designed court order that is required for the division of retirement benefits in a family law case. Many family law attorneys do not possess the expertise necessary to divide retirement benefits or stock options upon divorce. We have extensive experience in dividing qualified plans, government plans, IRAs and stock options between the employee spouse and non-employee spouse.

Butterfield Schechter LLP provides the information in this website as a service to its clients and visitors to the site. This website is for information purposes only and is not intended to create, and receipt of it does not constitute, an attorney-client relationship. The information in this website is provided "as is," and while the information in this website is updated periodically, additional facts or future developments may affect subjects contained herein, and no guarantee is given that the information provided is correct, complete, or up-to-date. Seek the advice of professional counsel before acting or relying upon any article, form, or information in this web site. To ensure compliance with the requirements imposed by the United States Treasury and the Internal Revenue Service, we inform you that any federal tax advice contained in this communication is not intended or written to be used, and cannot be used, for the purpose of: (1) avoiding penalties under the Internal Revenue Code or (2) promoting, marketing, or recommending to another person any transaction or matter addressed herein. Butterfield Schechter LLP has endeavored to comply with all known legal and ethical requirements in compiling this website. In the event that this communication does not conform with any laws or regulations of any state or country in which it may be received, Butterfield Schechter LLP will not accept legal representation based on this communication from a person in such a state or country. Electronic mail is provided as a convenience in communicating with the attorneys at Butterfield Schechter LLP. Contact by e-mail does not alone create an attorney-client relationship. Please remember Internet e-mail is not secure and messages sent to the firm or any of its employees or attorneys should not contain sensitive or confidential information. Thank you for visiting our site.

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