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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...

When Should I Begin Estate Planning?

Posted by Paul D. Woodard | Oct 12, 2016 | 0 Comments

When should you begin estate planning? It is really never too early to start planning for the future. Unfortunately, most people wait too long to start making those difficult decisions. Some people never get around to planning their estate until it is too late. As a result, loved ones may be grie...

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