As we previously reported in an earlier Obermayer Alert (http://www.obermayer.com/whatsnew.php?action=view&id=409), the National Labor Relation Board’s (“NLRB” or “Board”) “quickie election” rules became effective on April 30, 2012. Two weeks later, on May 14, 2012, the U.S. District Court for the Distr...
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Scratch April 30th -- D.C. Circuit Court of Appeals Enjoined The NLRB From Enforcing Its New Notice Posting Rule
As you may recall, the National Labor Relations Board’s notice posting rule was previously scheduled to go into effect on November 30, 2011; however, implementation of that rule was postponed until January 31, 2012, and then again to April 30, 2012. On April 17, 2012, the U.S. Court of Appeals for the District of Columbia granted an emergency...
The Obermayer Advisor Estate Planning – Fall 2011
THE DANGERS OF WILL SUBSTITUTES: WHY AVOIDING PROBATE MAY NOT BE THE SOLUTION
Pennsylvania and New Jersey lawyers are always perplexed by the desire to avoid probate. The horror stories about probate originate in states where probate and the estate administration procedures are quite different, complex and costly.
As we all know, the traditional approach to estate planning involves the identification of the client’s tangible personal property, we must always ask our clients: “Do you own any firearms?” More often than not, the client responds: “What is a firearm?”
Click on the title below to open a copy of The Obermayer Advisor- Legislative Alert newsletter. The Obermayer Advisor - Legislative Alert Summer 2011 (PDF)
The long-awaited tax relief package, the “Tax Relief, Unemployment Insurance Authorization and Job Creation Act of 2010,” was signed into law on December 17, 2010. The Act provides for significant tax relief for the next two (2) years; however, it does not provide certainty for the long term. This Newsletter provides a synopsis of the highlights of the Act.
The future of the Federal estate tax is still unknown, and the fact that Congress has allowed it to remain so is outrageous. In 2001, President Bush signed a law that gradually reduced and ultimately repealed the Federal estate tax. By 2009, the exemption was increased from $1 million to $3.5 million and the maximum tax rate was dropped from 55% to 45%. The repeal, scheduled for January 1, 2010, was to last only one year and then, in 2011, the Federal estate tax law was to revert to the 2001 status with its lower exemption ($1,000,000) and higher maximum tax rate of 55%.
WHAT SHOULD I KEEP AND WHERE SHOULD I PUT IT?
We are often reluctant to dispose of paperwork, but puzzled about what documents to retain. We may wonder what should be kept in our safe deposit box and how we should inform our family and/or fiduciaries of the whereabouts of our documents. This newsletter provides guidance. We invite you to complete the perforated page, detach it from this newsletter and retain it with your other important documents. Of course, be sure to let others know of its existence and location.
Periodic Review of Beneficiary Designations is Highly Recommended
It is happening with increasing frequency: proceeds of Individual Retirement Accounts and insurance policies discovered by families to be payable to clearly incorrect (or unintended) beneficiaries. We have seen many examples of this phenomenon in recent months. There was the IRA payable to the decedent’s estate rather than to his only child. The lack of a named beneficiary for an IRA usually triggers a default provision naming the estate as the beneficiary, and this causes adverse income tax consequences and exposes the proceeds to possible estate creditors. In other cases, insurance policy proceeds were payable to the trustees of a trust that had been revoked fifteen years before and payable to the trustees named in a Will superseded by a Will that established no trusts.
Inside this issue:
The Death of Secret Ballot Elections? Predicting the Future of Union Organizing Activity Under President-Elect Obama
Who is Disabled? Preparing for a New Wave of Disability Claims
Obermayer’s Wining Ways