Dominick Feld Hyde to relocate offices in August 2012
Dominick Feld Hyde is pleased to announce that it will be relocating both the SouthBridge Parkway and Highland Avenue offices to the Ridge Park building on Birmingham’s Southside located at 1130 22nd Street South. The move is scheduled for the third week of August.
Kay Wilburn introduced as a member of the 2012 Vestavia Hills Chamber of Commerce Board Trustee
Kay Wilburn was recently introduced as a member of the 2012 Vestavia Hills Chamber of Commerce Trustees. She will also serve on the Chamber’s 2012 Board of Directors and as the Vice-President of Programs for the Chamber. Kay has been a member of the Chamber for over 10 years.
Fifteen Dominick Feld Hyde attorneys recognized with Martindale-Hubbell® AV® Rating
Fifteen Dominick Feld Hyde attorneys have been recognized with AV® Ratings from Martindale-Hubbell® PEER REVIEW RATINGS™. These ratings are based on an attorney’s legal abilities and general ethical standards and are voted on by peers in their respective areas of practice. An AV® rating is the highest rating an attorney can receive and is considered a significant accomplishment. The attorneys in our firm that have been recognized are: Virginia Boliek, Bill Bryant, Susan Doughton, L.B. Feld, Greg Hyde, Sammye Kok, Terry McElheny, Doug McWhorter, Denise Pomeroy, Jim Reilly, Judy Shepura, Gwen Skinner, Dale Stone, Kay Wilburn and Brian Williams. Please click here to view the attorneys' profiles.
Virginia Boliek appointed to Alabama Center for Real Estate (ACRE) Leadership Council at The University of Alabama
Virginia Boliek has been appointed to the ACRE Leadership Council at the University of Alabama. Virginia joined Dominick Feld Hyde in 2011 and has been practicing law and representing lenders in the area of commercial real estate loan transactions for more than 20 years. At the firm, Virginia's practice has expanded to include the representation of buyers and sellers of commercial real estate. The Leadership Council and its members focus on long-term growth and development of the Center, providing insight and counsel on current market trends and future areas of concentration. Council members also promote and enhance the sustainability of ACRE through vision, resourcefulness, and creativity, while seeking untapped opportunities to facilitate the success of ACRE and its industry stakeholders.
Sammye Oden Kok on the Board of the Muscular Dystrophy Association program, “Legal Leaders of Greater Birmingham”
Sammye Oden Kok will be serving as a Board Member for the “Legal Leaders of Greater Birmingham” program through the Birmingham office of the Muscular Dystrophy Association. This program gets the legal community involved in raising funds that will allow children to attend local MDA Summer Camps.
Estate Planning Red Flag: You have not chosen the right executor or trustee
No matter how much effort is put into planning an estate, the plan will not work smoothly if the wrong executor is chosen — or, if a living trust, the wrong trustee. This article discusses four common mistakes people make when choosing an executor or trustee.
Protecting trust assets when a beneficiary is also a trustee
From an asset protection standpoint, generally it is best to appoint an independent, professional trustee. But in some cases it is desirable to name the trust’s primary beneficiary as trustee. This article explains why, but then goes on to describe ways to maximize a trust’s creditor protection in order to help protect assets from a beneficiary’s potential mismanagement of the trust.
HSAs: Dual benefits in one saving strategy
In addition to being a viable option to reduce health care costs, Health Savings Accounts (HSAs) can positively affect estate plans because they grow on a tax-deferred basis. This article describes how an HSA works and the benefits it provides. It also compares HSAs with IRAs in regard to estate planning.
Watch your step: Step transaction doctrine can increase tax on FLP and LLC gifts
Family limited partnerships (FLPs) and limited liability companies (LLCs) can allow the transfer of substantial amounts of wealth to loved ones at discounted values for gift tax purposes. But the entity must be treated as a legitimate, independent business, observing all business formalities. Otherwise, the IRS may conclude that the entity is a sham and then invoke the step transaction doctrine to collapse a series of transactions into a single transaction for gift tax purposes, dramatically altering the tax outcome. This article explains the doctrine and then discusses the importance of filing proper documentation for an FLP or LLC.
“Do you feel lucky?” - Unprecedented Estate Planning Opportunity Could End Soon
Families desiring to pass wealth to future generations are in what some experts are calling the “Perfect Storm” of estate planning because asset values and interest rates are low, while the gift and estate tax exemption are at an all time high of $5 million ($10 million for married couples) and tax rates are at an all time low. In addition, transfers of interests (e.g., those in a family business) are able to receive valuation discounts (often up to or above 40 percent) that can further reduce estate and gift taxes. Unfortunately, rising asset values and changes in the tax laws could bring this “Perfect Storm” to an end over the coming months.
Is your worker an employee or independent contractor?
The conflict between the IRS and businesses regarding who is an independent contractor and who is an actual employee is nothing new and will probably always be an issue. This article shows how to keep up to speed on the IRS rules regarding the use and classification of independent contractors. It discusses the different characteristics of employees and contractors and IRS penalties for failing to observe the distinction.
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