Posted by Robert K. Butterfield | Feb 16, 2021 |
This year marks the 40th anniversary of Promises2Kids, originally founded in 1981 as the Child Abuse Prevention Foundation. It all started with a simple wish - ensuring children are safe, happy and loved. Three remarkable local San Diegans took that dream and transformed it into an organization t...
Posted by Paul D. Woodard | Nov 09, 2020 |
Contributing Author: Kristine Custodio Suero, ACP, Senior Paralegal
The Internal Revenue Service announced the Cost-of-Living Adjusted Limits for 2021, which will be affecting dollar limitations for qualified pension plans for the 2021 tax year. Section 415 of the Internal Revenue Code provides ...
Posted by Corey F. Schechter | Oct 27, 2020 |
The Employee Benefits Security Administration (EBSA) enforces ERISA laws and regulations, including conducting civil and criminal investigations. EBSA investigations often result in recovering money from enforcement actions, voluntary fiduciary correction programs, abandoned plan programs, and in...
Posted by Paul D. Woodard | Oct 26, 2020 |
Did you know that October 25-31, 2020 is National Pro Bono Week? As an At-large Board member of the San Diego County Bar Association Community Service Committee and Chair for the nonprofit organization Wills for Heroes, San Diego Chapter, it is very rewarding for me to provide free wills and esta...
Posted by Paul D. Woodard | Sep 28, 2020 |
Contributing Author: Kristine Custodio Suero, Advanced Certified Paralegal
In my past blog post, I discussed potential Department of Labor (DOL) and Internal Revenue Service (IRS) penalties for anyone who willfully violates ERISA as well for various compliance issues in violation of the law, and...
Posted by Paul D. Woodard | Sep 21, 2020 |
It's National Small Business Week! The U.S. Small Business Administration (SBA) spotlights our nation's 30 million small businesses. Register for the FREE National Small Business Week Virtual Conference hosted online by the SBA on September 22-24:
NSBW Virtual Conference Schedule:
Tuesday, Sept...
Posted by Marc S. Schechter | Jul 22, 2020 |
You've worked long and hard over many years building up the value of your company. While you now have wealth on paper, you're becoming increasingly concerned whether you will have the ability to realize the value you've accumulated in the form of current spendable cash because, as a nonpublicly t...
Posted by Paul D. Woodard | Jun 29, 2020 |
Here are some common QDRO questions:1. What Is a QDRO and Why Do I Need One?2. What is an alternate payee?3. Why do I need a QDRO?4. What are the benefits of having a QDRO?5. Are all QDROs the same?Click here to learn more about QDROs, and be sure to check out our QDRO Resources!
Posted by Marc S. Schechter | Jun 23, 2020 |
Join Founding Partner, Marc Schechter, on September 16, 2020, at the National Center for Employee Ownership (NCEO) ESOP Fall Forum, as he shares his insight on The State of ESOPs: The Next 10 Years. Butterfield Schechter LLP is also a proud sponsor of this event.
The NCEO ESOP Fall Forum provide...
Posted by Marc S. Schechter | May 04, 2020 |
The Internal Revenue Service (IRS) has provided a list of Questions & Answers (Q&As) regarding Section 2202 of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), enacted on March 27, 2020, that provides for special distribution options and rollover rules for retirement plans and ...
Posted by Marc S. Schechter | Apr 01, 2020 |
ESOPs are included in Section 1110 of Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) for economic injury disaster loans (EIDLs) of $10,000. Click here to read full text of the CARES Act. For more information on how to apply for the EIDL through the Small Business Administration ...
Posted by Paul D. Woodard | Mar 04, 2020 |
In a previous blog post, Succession Planning Strategies for the Retiring Small Business Owner, partner Marc S. Schechter discusses options for a retiring small business owner in California with regard to what to do with their company, particularly small business owners selling the company to thei...
Posted by Robert K. Butterfield | Nov 06, 2019 |
The Internal Revenue Service announced cost-of-living adjusted limits for 2020.
Posted by Marc S. Schechter | Oct 22, 2019 |
Today, most realize that estate planning is an important step to make sure your family is taken care of and your property is distributed according to your wishes. Despite the importance of estate planning, many people put off making estate plans because people believe they have plenty of time to make such plans or they have difficulty addressing the issue of what will happen when they pass away. Failing to prepare a comprehensive estate plan can leave grieving family members with the burden of dealing with a complex estate, unnecessary expenses, and an inflexible distribution of assets that may be against the decedent's wishes.
Posted by Paul D. Woodard | Oct 02, 2019 |
Judgment Creditor AMBS Diagnostics, LLC (“AMBS”) originally sought to collect on its money judgment by levying the assets held in judgment debtor Timothy O’Brien’s (“O’Brien”) Individual Retirement Accounts (IRAs). In response, O’Brien filed a claim of exemption claiming the assets were fully exempt. The trial court ruled that the funds in O’Brien’s IRAs were fully exempt from judgment. The Court of Appeal reversed the trial court’s ruling, determining that the funds were only partially exempt under California Code of Civil Procedure 704.115(a)(3). (O’Brien v. AMBS Diagnostics, LLC (2016) 246 Cal.App.4th 942.) The Court of Appeal remanded the matter back to the trial court to determine the amount of O’Brien’s IRAs necessary to provide for the support of the judgment debtor, his spouse, and dependents upon retirement as required by California Code of Civil Procedure 704.115(e).
Posted by Marc S. Schechter | Oct 01, 2019 |
Happy October! Today kicks off Employee Stock Ownership Month...
Posted by Marc S. Schechter | Sep 13, 2019 |
Many businesses are turning towards employee ownership models for the unique benefits offered, including higher worker retention rates or, as recently noted more frequently, as a succession planning option. Business owners who are beginning to explore options for employee ownership may have q...
Posted by Marc S. Schechter | Aug 12, 2019 |
While 401(k)s are one of the most common retirement savings plans, there are still a lot of American workers who do not have access to a 401(k) or do not have any significant retirement savings. A new bill has passed the House that intends to increase access to retirement savings and accommod...
Posted by Marc S. Schechter | Aug 06, 2019 |
A congressional bill introduced in the House of Representatives proposes tax incentives for Employee Stock Ownership Plans (ESOPs). The bill is supported by the ESOP Association as legislative support to encourage more businesses to provide a way for employees to share in and help grow the co...
Posted by Marc S. Schechter | Jul 29, 2019 |
Employers are getting more creative in structuring benefit packages to recruit new employees and retain top workers in an increasingly competitive environment. While salary is a primary consideration, many prospective employees understand the long-term value in benefit packages, especially re...
Posted by Marc S. Schechter | Jul 25, 2019 |
Many businesses fail to consider the benefits of an Employee Stock Ownership Plan (ESOP) until plans for a traditional sale fall through. After transitioning to an ESOP, business owners, shareholders, and employees may wonder why they never considered employee-ownership earlier. Even the ever...
Posted by Marc S. Schechter | Jul 19, 2019 |
Federal legislation and lawmakers at the state level are pushing forward legislation to foster the development of more Employee Stock Ownership Plans (ESOPs) and make it simpler for companies to transition to ESOP ownership. California lawmakers should support legislation in support of ESOPs to b...
Posted by Marc S. Schechter | Jul 08, 2019 |
Companies looking to innovate may invest in research and development or hire outside consultants for ideas. However, one source of innovation may come from a resource the business already has. Employees and workers may understand the industry as well as the strengths and weaknesses of the bus...
Posted by Marc S. Schechter | Jul 01, 2019 |
In April, Colorado's governor Jared Polis signed an executive order to focus on expanding employee ownership in Colorado businesses. With more legislative activity to provide incentives and support for employee-ownership, including Employee Stock Ownership Plans (ESOPs), California's politicians ...
Posted by Marc S. Schechter | Jun 28, 2019 |
When business owners are eyeing retirement, they may be ignoring a ready buyer for their business standing right in front of them. After years of building the company, the founder's hope that the younger generation will take over may never materialize, leaving the owner without an exit strate...