Keeping in Touch - July/August 2018 Newsletter

Keeping in Touch

July 2018

      Who We Are

 

   What We Do

 

 

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Dominick Feld Hyde, P.C. in the News


Dominick Feld Hyde, P.C. is pleased to announce that Richard G. Burton has joined the firm as a shareholder effective July 1, 2018. Richard is the past founder and partner of Burton & Associates, LLC.

“Richard Burton’s longstanding track record of leadership will serve as a tremendous asset to our team’s continued growth,” said Dominick Feld Hyde Managing Shareholder Susan Doughton. “He brings a wealth of legal experience in probate and estate and tax planning to complement our firm’s estate and trust planning and probate and trust administration practice.”

Richard has been a member of the Alabama State Bar since 2010 and has a record of service to the Birmingham community, including his tenure as president of the Downtown Neighborhood Association and founder of Birmingham Art Crawl. “I’m honored to join a firm with such client-focused, dedicated attorneys who are deeply rooted in the community,” said Richard Burton.

Emily V. Frost has also joined Dominick Feld Hyde as a staff attorney. With more than 22 years’ experience, Frost's practice focuses on estate and trust administration and taxes, and provides estate planning for a diverse range of clients.


Dominick Feld Hyde, P.C. is pleased to announce that shareholders Brian Williams,  Dale Stone,  and Vince Schilleci, will all be serving on the Alabama Law Institute's Asset Protection Committee.  Vince has also been appointed as the committee's Reporter.  Shareholders Judy Shepura and Ashley Neese have been asked to serve on the Alabama Law Institute’s committee with respect to Alabama’s guardianship, conservatorship and protective proceedings laws. The Alabama Law Institute, created by an act of the Legislature in 1967, is a legislative agency that operates with volunteers. The purpose is to clarify and simplify the laws of Alabama, to revise laws that are out-of-date and to fill in gaps in the law where there exists legal confusion. To learn more about the Alabama Law Institute, please click here.


Dominick Feld Hyde, P.C. recently participated in the 3rd Annual Legal Food Frenzy organized by the Alabama State Bar to benefit the Food Bank Associations of Alabama. We are proud to announce that our firm had 100% participation from all of our attorneys and staff collecting over 700 pounds of food.

More than one in four children in Alabama come from families that experience food hardships. Alabama’s eight regional food banks distributed more than 50 million pounds of food last year through their network of more than 1,500 partner agencies and pantries. And the need continues to grow. Food donations are traditionally slow in late spring and early summer as families focus on end-of-school activities and summer vacations. Food Banks and their agencies see the demand for food increase during this time as the 390,000 children who depend on access to breakfast and lunch at school are home for the summer months. Only 15% of children who receive free or reduced lunches during the school year have access to summer meal programs. 

Dominick Feld Hyde, P.C. would like to encourage you to support the Community Food Bank of Central Alabama in any way you can.


Our Current Articles


Deferral of capital gains invested in an Opportunity Zone

An Opportunity Zone is a valuable tax deferral tool created by the Tax Cuts and Jobs Act on December 22, 2017.

A taxpayer may elect to defer the gain from the sale or exchange of any property to or with an unrelated person, if the gain is invested in a Qualified Opportunity Fund (QO-Fund) during the 180-day period beginning on the date of the sale or exchange. A QO-Fund is an investment vehicle organized to make investments in a Qualified Opportunity Zone (defined below). Unlike a 1031 like-kind exchange, this tax deferral is not limited to real estate investments and you only have to reinvest the gain not the full proceeds of the sale.

 



Expanded 529 plans offer unique estate planning benefits

Under the Tax Cuts and Jobs Act, tax-advantaged 529 savings plans were expanded to cover elementary and secondary school expenses. This article defines a 529 savings plan and details the estate planning benefits.

 

 

Leave your mark

The Tax Cuts and Jobs Act enhances the power of a dynasty trust

For some, leaving a lasting legacy is a prime objective of their estate plan. A dynasty trust is one vehicle to do so, and the Tax Cuts and Jobs Act has increased its power with a substantially increased generation-skipping transfer (GST) tax exemption amount. This article discusses how a dynasty trust works and how the GST tax affects their effectiveness. 

 


Estate Planning Red Flag
Your estate plan includes a formula funding clause

The estate tax exemption is higher than it has ever been, thanks to the Tax Cuts and Jobs Act. If a person is married and executed his or her estate planning documents years ago, when the exemption was substantially lower, now is the time to review the plan to ensure that the increased exemption does not trigger unintended results. This brief article examines how changing exemption rates can affect a formula funding clause.

 


What is “reasonable compensation,” anyway?

The issue of reasonable owners’ compensation has been an important conversation for tax experts for many years. The determination of reasonable compensation often comes up in federal tax inquiries for numerous reasons. 

 


  

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

 

1130 22nd Street South Ridge Park Suite 4000 Birmingham, AL 35205

 

205.536.8888 

 

www.dfhlaw.com

 

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.

© 2018

No representation is made that the quality of the legal services to be performed is greater than the quality of legal services performed by other lawyers.

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