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Taking Advantage of Tax Credits for Your Business

Posted by Corey F. Schechter | Nov 21, 2016 | 0 Comments

There is one thing that is certain other than death and taxes. That is California does not have the best reputation as a business-friendly state. According to a recent report by CNBC, California was ranked as the least business-friendly state in the country. However, business owners in California...

DOL Audits of Employee Benefit Plans

Posted by Jennifer V. Gateb | Nov 18, 2016 | 0 Comments

The Department of Labor (DOL) may audit an employer sponsored benefit plan (generally retirement plans such as 401(k)s or defined benefit plans) at any given time to ensure compliance with applicable provisions of the Employee Retirement Income Security Act of 1974 (ERISA). The audit process beg...

Beware of Offering Stock to Friends & Family

Posted by Paul D. Woodard | Nov 17, 2016 | 0 Comments

Many startups and newer companies rely on financial help from friends and family. Some business owners may ask for a loan to start the company. However, others ask for the money to be invested in the company in exchange for some ownership interest in the business. While this may seem like a fair ...

Retroactive QDROs

Posted by Corey F. Schechter | Nov 16, 2016 | 0 Comments

The United States District Court for the Eastern District of Michigan, Southern Division, recently recognized a retroactive QDRO. The case involved the 1993 divorce of Henry Patterson and Ardella Patterson. The divorce decree awarded Ardella half of her former husband's pension benefits, which he...

Using Standard Form Contracts May Hurt Your Business

Posted by Corey F. Schechter | Nov 15, 2016 | 1 Comment

When putting together a contract for the first time, many business owners may turn to standard form contracts to make agreements between customers, vendors, and other businesses. Calling these contracts “standard” may make it seem like they will protect your interests and provide for any continge...

Setting Up a Trust for the Care of a Pet

Posted by Paul D. Woodard | Nov 07, 2016 | 0 Comments

Estate planning involves taking the steps necessary to make sure your family and loved ones will be taken care of in the future. This includes spouses, children, parents, and friends. Increasingly, this includes planning for pets as well. A pet trust is a legal document that provides for the care...

2016 and 2017 Employee Benefit Plan Limitations

Posted by Jennifer V. Gateb | Nov 04, 2016 | 0 Comments

The following is an outline of the Internal Revenue Service's maximum dollar limitations applicable to employee benefit plans in effect in 2016 and 2017. The 2017 limitations differ only slightly from the 2016 limitations and become effective January 1, 2017. Maximum Dollar Limitations ...

What Is a Qualified Joint and Survivor Annuity (“QJSA”) and What Effect Does a Qualified Domestic Relations Order Have On It?

Posted by Corey F. Schechter | Nov 03, 2016 | 0 Comments

Contributing Author: Dianne Schechter Federal law requires “qualified” plans under the Internal Revenue Code to pay retirement benefits in a special payment form unless the benefit plan participant chooses a different form and his or her spouse agrees to the choice in writing.  This special paym...

Getting Into Business with Friends and Family

Posted by Paul D. Woodard | Oct 19, 2016 | 0 Comments

Creating a successful business is not easy. It takes time, money, and a lot of hard work. Running a business can be stressful, and when problems arise, business partners can turn on each other. However, when business partners are friends or family, a business disagreement can have a long-term neg...

Retirement Savings Options for Young Workers

Posted by Corey F. Schechter | Oct 18, 2016 | 0 Comments

As business owners, retiring comfortably is certainly a goal in addition to working to build and protect company assets. Saving for retirement should also be a priority for employees, and employers can assist in providing them the means to do so. For young workers, thinking about retirement savin...

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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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