July/August 2016 Newsletter

Keeping in Touch

Dominick Feld Hyde, P.C.
1130 22nd Street South
Ridge Park, Suite 4000
Birmingham, AL 35205
  205.536.8888   www.dfhlaw.com


Dominick Feld Hyde's practice areas have grown and now comprise nine main broad categories: Tax Law, Estate Planning, Estate and Trust Administration, Hospital and Healthcare, Business Transactions, Non-Profit Organizations, Family Law, Litigation and Real Estate.  Within these areas, our attorneys have experience in a wide range of specialized legal services.

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Dominick Feld Hyde
in the News

 

 

 

 

Twelve Dominick Feld Hyde attorneys are included in the 2017 edition of the Best Lawyers in America, one of the most highly regarded referral publications in the legal profession.  We are proud to announce that three Dominick Feld Hyde attorneys were also recognized by the U.S. News – Best Lawyer’s© 2017 edition as “Lawyer of the Year” for Birmingham. Gregory D. Hyde was recognized in the area of Trust and Estates, Sammye Oden Kok for Family Law and Brian T. Williams for Employee Benefit (ERISA) Law.   Only one lawyer in each specialty area in a particular legal community is honored as a Lawyer of the Year.

Attorneys who were recognized by Best Lawyers® for 2017 in their respective practice areas are: 


William J. Bryant - Tax Law and Litigation & Controversy – Tax 
Susan Dominick Doughton – Health Care Law
Louis B. Feld – Trusts & Estates
Gregory D. Hyde – Litigation - Trusts and Estates &Trust and Estates
Sammye Oden Kok – Family Law and Family Mediation
Terry McElheny - Corporate Law and Employment Law-Management 
Douglas L. McWhorter – Trusts & Estates
Denise J. Pomeroy – Family Law
Judy Shepura– Trusts & Estates
Dale B. Stone – Litigation – Trusts & Estates and  Trusts & Estates
Kathrine O. Wilburn - Litigation-Trusts & Estates, Tax Law, Trusts & Estates
Brian T. Williams – Employee Benefits (ERISA) Law, Litigation – Trusts & Estates, Litigation & Controversy – Tax, Tax Law, and Trusts & Estates

 


 

Three Dominick Feld Hyde attorneys were named "B-Metro's Top Women Lawyers 2016".  Shareholders Susan D. DoughtonSammye Oden Kok, and Denise Pomeroy were listed  in the August edition of B-Metro Magazine.  The magazine partnered with AVVO.com, which is a leading online legal directory that rates all attorneys on a 10-point scale, factoring in peer endorsements as well as experience, education, training, speaking, publishing and awards. 


Changes are coming......We are in the process of launching an exciting new website for our firm that should go live in September. The new design will be more user friendly, have a responsive design that will automatically conform to any type of device you use (smart phone, tablet, laptop or desktop), new content and an updated look. Our current website is still active and you can visit it at www.dfhlaw.com. We will send out a notice as soon as the new site goes live, so be on the lookout.


Welcome to our newest associate J. Daniel Leverton. Daniel is a graduate of the University of Alabama School of Law. After graduating from law school, Daniel clerked for the Hon. Michael G. Graffeo in the 10th Judicial Circuit of Alabama, as well as the Hon. Philip K. Seay and Hon. Billy R. Weathington in the 30th Judicial Circuit of Alabama. He returned to the University of Alabama School of Law to earn his LL.M. in Taxation prior to joining the firm. Daniel will be working in our Business and Probate and Estate practice groups. He is a native of Pell City, where he currently resides with his wife, Claire DeShazer Leverton, DMD.


Planning Alert - IRS Issues Proposed Regulations Regarding Family Owned Entities

On August 2, 2016, the IRS issued proposed regulations which, if ultimately adopted and determined to be valid, generally will overvalue transfers of interests in family owned entities for federal gift tax and estate tax purposes. If you expect to have a taxable estate and are otherwise inclined to make a current transfer of interests in a family owned entity, we recommend doing so before the proposed regulations become effective.  Click here to read the full notice.


A CLT’s effectiveness depends on Sec. 7520 rate

A charitable lead trust ("CLT") can help achieve philanthropic and estate planning goals. This trust type is most effective in a low-interest-rate environment. And while rates have risen slightly as of late, they remain low. Nevertheless, this article concludes that it is better to act soon before interest rates rise more significantly.

Full Article

 
Covering your basis
Tax basis planning offers significant benefits

If gift and estate taxes are not a concern for many affluent families, it pays for them to focus planning efforts on income taxes — in particular, basis planning. This article details the benefits of a stepped-up basis. A sidebar explains how a recent IRS rule may affect basis reporting. 

Full  Article

Determining whether salaried workers are entitled to overtime will be subject to a new rule effective December 1, 2016

 

The new rule does not make any changes to the “duties test” that determines whether “white collar” salaried workers earning more than the “salary threshold” are ineligible for overtime pay. But it did increase the salary threshold to $47,476*. If a salaried worker makes less than $47,476 annually, they are eligible for extra compensation if they work more than 40 hours a week, regardless of their job title or description. For workers with salaries above the updated salary level, employers will continue to use the same duties test to determine whether or not the worker is entitled to overtime pay as they did under the old salary threshold.

Full Article

Estate Planning Red Flag
You have not properly funded your revocable trust
If a primary purpose of an estate plan is asset management during life and/or probate avoidance at death, it is critical to ensure that a revocable trust - also known as a “management” trust or a “living” trust - is properly funded. These purposes are not accomplished if the trust is not funded. This brief article explains how to fund a revocable trust.

Full  Article

 


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. ©2012

 

 

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