Newsletter: January/February 2017

Keeping in Touch

January/ February 2017

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Dominick Feld Hyde in the News

Dominick Feld Hyde is pleased to announce that Anthony C. Willoughby has been named a shareholder with the firm.  Anthony has been with the firm for four years and practicing law for more than thirty years.  His practice areas include Corporate/Business, Tax, and Estate Planning.


Doug McWhorter recently participated in the “Wills for Heroes” program conducted by the Alabama Bar Association as a public service. The Wills for Heroes project offers first responders free basic estate planning services. The project was created to provide the legal community with a way to show its appreciation for the efforts and sacrifices of these brave men and women. As a part of this project, Doug drafted Wills for the firemen at the North Shelby County Fire Station and had the privilege of working with the first responders there. The project is managed by the Alabama State Bar Volunteer Lawyers Program. You can learn more about the program by clicking here


Judy Shepura recently spoke at the Issues in Elder Law seminar sponsored by the University of Alabama School of Law and the Elder Law Section of the Alabama Stare Bar.   Mrs. Shepura's topic was an analysis of the Power of Attorney act passed in 2012 and the difference it has made.


Denise Pomeroy is currently serving as the 2017 President of the Alabama Chapter of the American Academy of Matrimonial Lawyers (AAML) and was also elected as the upcoming 2018 President.  The AAML was founded in 1962 by highly regarded domestic relations attorneys “To provide leadership that promotes the highest degree of professionalism and excellence in the practice of family law.” There are currently more than 1650 Fellows in 50 states. You can learn more about the organization at www.aaml.org.


 

Our Current Articles

Is a noncharitable purpose trust right for you?

There are two trust types that do not require one or more human beneficiaries: charitable trusts and noncharitable purpose (NCP) trusts. A charitable trust is the more common of the two, but an NCP trust could also be a formidable tool to help achieve one’s estate planning goals. This article explains how an NCP trust works and details its drawbacks

Full article >


3 reasons you should continue making lifetime gifts

Now that the gift and estate tax exemption has reached $5.49 million (for 2017), and given the recent general election and the possibility of estate tax repeal, it may seem that gifting assets to loved ones is less important than it was in previous years. However, lifetime gifts continue to provide significant benefits, whether an estate is taxable or not. This article details three reasons why making lifetime gifts continue to make sense.

Full article >


IRS targeting FLPs
Proposed regs endanger valuation discounts for family-controlled entities

In August 2016, the IRS released its long-anticipated proposed regulations limiting the ability of family limited partnerships and other family-controlled entities to take advantage of valuation discounts.   Shortly after the release of those proposed regulations, we issued a special alert about them and suggested accelerating the timing of contemplated transfers so they could be completed before the regulations were finalized. Since then, the national elections occurred (leading many to think the estate tax may be repealed) and the hearing on the proposed regulations occurred (indicating the proposed regulation may be revised in significant ways). Now, many think the proposed regulations will never be finalized. Nevertheless, this article is a reminder of what the proposed regulations say. If the regulations are finalized as proposed, they will make it difficult, if not impossible, for family entities to use certain lapsing rights and liquidation restrictions to “devalue” interests for gift and estate tax purposes. This article details the proposed regs. A sidebar offers alternative estate planning strategies.

Full article >     


Estate Planning Red Flag

Your Trust owns S Corporation stock

S corporations must comply with several strict requirements or risk losing their tax-advantaged status. In an estate planning context, it is critical that any trusts that own S corporation stock — or receive such stock through operation of an estate plan — be eligible shareholders. This brief article details four trust types that are eligible to be S corporation shareholders.

Full article >


  

Dominick Feld Hyde's practice areas have grown and now comprise nine broad categories: Business, Estates, Family Law, Healthcare and Tax. Within these areas, our attorneys have experience in a wide range of specialized legal services.

 

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