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Cost-of-Living Adjusted Limits for 2021

Posted by Paul D. Woodard | Nov 09, 2020 | 0 Comments

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 ...

EBSA Enforcement Statistics from Fiscal Year 2020

Posted by Corey F. Schechter | Oct 27, 2020 | 0 Comments

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...

Pro Bono Week: October 25-31, 2020

Posted by Paul D. Woodard | Oct 26, 2020 | 0 Comments

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...

Founding Partner Marc Schechter to Speak on the State of ESOPs: The Next 10 Years at National Center for Employee Ownership (NCEO) Fall ESOP Forum

Posted by Marc S. Schechter | Jun 23, 2020 | 0 Comments

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...

ESOPs Included in Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) for Economic Injury Disaster Loans (EIDLs)

Posted by Marc S. Schechter | Apr 01, 2020 | 0 Comments

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 ...

It's National Estate Planning Awareness Week! (October 21-27, 2019)

Posted by Marc S. Schechter | Oct 22, 2019 | 0 Comments

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.

Retirement Plan Created for Creditor Protection Does Not Qualify as a Fully Exempt Private Retirement Plan Under California Code of Civil Procedure 704.115(a)(1)

Posted by Paul D. Woodard | Oct 02, 2019 | 0 Comments

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).

How Will the SECURE Act Impact 401(k)s?

Posted by Marc S. Schechter | Aug 12, 2019 | 0 Comments

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...

House Bill Proposes Incentives for ESOPs

Posted by Marc S. Schechter | Aug 06, 2019 | 0 Comments

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...

Employee-Ownership in the Publishing Industry

Posted by Marc S. Schechter | Jul 25, 2019 | 0 Comments

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...

Pro-ESOP Legislation Updates

Posted by Marc S. Schechter | Jul 19, 2019 | 0 Comments

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...

Innovation and Employee Ownership

Posted by Marc S. Schechter | Jul 08, 2019 | 0 Comments

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...

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