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What's New at Feld Hyde?
Donna M. Bailer has become a shareholder in the Firm. Donna's practice includes all areas of corporate and business law.
William J. Bryant is serving on the Alabama Law Institute committee charged with revising the Alabama Uniform Limited Liability Company Act. Bill also served on the committee that completed a two year study revising and updating the state's Uniform Limited Partnership Act which became effective January 1, 2010.
Kay Wilburn was recently selected to serve as a member of the Board of Directors of the Alabama Federal Tax Clinic.
Leonard Wertheimer has been elected president of the Rabbi Grafman Endowment Fund of Temple Emanu-el.
Estate Planning Red Flag — You have not reviewed your estate plan recently
The Economic Growth and Tax Relief Reconciliation Act of 2001 created a one-year estate tax repeal for 2010. It is not likely to remain in effect, though. Although Congress had not yet passed legislation by the end of 2009 repealing the repeal, it might still pass such legislation and make it retroactive to Jan. 1, 2010. Besides this, there are a number of other reasons to update one’s plan.
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Being elastic can be fantastic — Stretch your retirement savings for yourself and your heirs
Those with savings in a traditional IRA, a 401(k) plan or another “qualified” retirement account must begin taking required minimum distributions (RMDs) when they reach age 70½. But it is usually best to let them continue compounding on a tax-deferred basis (or tax-free in the case of Roth accounts) as long as possible. Fortunately, there are several strategies one can use to stretch tax savings over many years. Beginning in 2010, converting a traditional IRA to a Roth IRA will be an option for people of all income levels. One can also roll over a Roth 401(k) or Roth 403(b) to a Roth IRA. And a “stretch” IRA allows one to provide heirs with the opportunity to stretch distributions over many years. But these all have pros and cons that must be considered.
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Businesses experiencing losses now have more tax-saving options
On Nov. 6, President Obama signed into law the Worker, Homeownership and Business Assistance Act of 2009 (WHBAA). In addition to extending unemployment benefits for millions of Americans and enhancing the homebuyer’s credit, the act extends and expands a popular tax break for businesses: the five-year net operating loss (NOL) carryback election.
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A blended family requires smart estate planning
If a person is married and has children from a previous marriage plus children or stepchildren from his or her current marriage, that family is considered a blended family. For those who wish to pass their wealth on to all of their biological children but also provide for their spouse and perhaps any stepchildren, estate planning can get tricky. Two estate planning strategies to consider involve a qualified terminable interest property (QTIP) trust and an irrevocable life insurance trust (ILIT).
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This publication is distributed with the understanding that the author, publisher and distributor are not rendering legal, accounting or other professional advice or opinions on specific facts or matters, and accordingly assume no liability whatsoever in connection with its use. ©2010
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