Resources

There are some significant tax aspects lurking in proposed legislation that could have repercussions for US taxpayers, depending on income level and tax status.  The impetus of the bills in both the House and Senate is to help taxpayers save more for their retirements. BACKGROUND: The Setting … [Read more...] about Pending Legislation Affecting Defined Contribution Retirement Plans

Background: In late 2017, Congress passed the 2017 Tax Cut and Jobs Act. One provision of the Act doubled the estate tax exclusion amount from $5 million to $10 million, adjusted for inflation.  That increased amount is due to sunset at the end of 2025. To address taxpayer concerns that one could … [Read more...] about Estate and Gift Tax: Putting the Claw Back in the IRS Anti-Clawback Regulations

In late summer 2020, Anna Freska and Mattias Caro will be joined by Bill Kelley and Cathy Ruse as Eileen Swicker shifts to "of counsel" status. ************************************************************************************ Bill spent over 35 years in the service of the US Government, … [Read more...] about New Attorneys Join Dominion Law Group

When you sign up for life insurance, a 401(k) or any other retirement plan, you are given the opportunity to list one or more beneficiaries to receive the proceeds should you pass away. Frequently people fill out the form and then put it out of mind, sometimes even forgetting which beneficiary is on … [Read more...] about Keeping Beneficiary Designations Up-to-Date

Like you, we're monitoring the latest news about the coronavirus. We're doing all we can to make sure we remain available to answer your questions or initiate new estate planning.  We have an online estate planning questionnaire on our website for new clients (www.dominionlawgroup.net) as well as a … [Read more...] about What Dominion Law is doing about Coronavirus and a Warning about a Bad Website

Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act) passed the Senate on December 19, 2019 as a rider on the Appropriations Bill, and the President is expected to sign it. A version of the legislation has been proposed since 2012.  It is described as a significant … [Read more...] about Congress Approved Retirement Plan Overhaul with a Distinct Downside

Response: IDIDC! From the point of view of estate planning attorneys and financial advisors, it’s questionable to put many qualifiers on beneficiaries before they are entitled to receive their inheritances.  In many cases, the testator (will or trust maker) has a sense of distrust, or a concern … [Read more...] about Controlling from the Grave?

While most couples involved in a divorce give a great deal of thought to the terms of the divorce in their Marital Settlement Agreement, less attention may be paid to how the dissolution of the marriage affects joint ownership of real and personal property and the right to inherit by beneficiary … [Read more...] about The Intersection of Divorce and Estate Planning

The SECURE Act Congress Refines Retirement Savings; for Better or Worse?    Setting Every Community Up for Retirement Enhancement Act of 2019, known as the SECURE Act, includes 29 features intended to increase access to tax-deferred retirement accounts to allow more people to save … [Read more...] about The SECURE Act and the “Stretch IRA”