Finseca Advanced Markets

Section 162(m) Final Regulations Clarify Grandfathered Treatment for Defined Benefit SERPs and Other Nonaccount Balance Plans

MARKET TREND: The IRS issued Final Regulations on December 20, 2020 regarding changes made to Internal Revenue Code Section 162(m) (“Section 162(m)”) by the 2017 Tax Cuts and Jobs Act (the “TCJA”). The Final Regulations include clarifying guidance with respect to determining grandfathered amounts under nonqualified deferred compensation (“NQDC”) plans, including “nonaccount balance” plans such…

An Honest Look at Saving Taxes by Relocating from California or New York

Topics: Business Tax, Estate, Estate planning, Estate tax, legacy planning, Personal Tax, small Business, Tax Insights, taxes

Market Trend: Individuals and businesses in high tax jurisdictions have been expressing unprecedented interest in relocating to states with more manageable tax regimes. This is especially the case with business owners looking to sell their businesses. But whether this trend rises to the level of an “exodus”—as many characterize it—is up for debate. The impetus...

ERISA Fiduciary Duties And Cybersecurity Considerations

MARKET TREND: Retirement plan assets are increasingly becoming a target of cybercriminals, which could lead to increased exposure to litigation for retirement plan fiduciaries if the plan assets are not properly safeguarded. SYNOPSIS: Two recent cases, Bartnett v. Abbott Labs and Leventhal v. MandMarblestone Group LLC illustrate the impact a cybersecurity breach can have plan…

The Life Insurance Expert’s Guide to TOLI Trustees An interview with Michael Brohawn

Topics: Estate planning, Life Insurance, Sales Strategies, TOLI, Trusts

Curated for you by Finseca Staff and Michael Brohawn CFP® CLU® CAP® of Your Life Insurance Solution. Various forms of trusts and trust owned life insurance are standard estate planning tools, but according to TOLI expert Michael Brohawn CFP® CLU® CAP® roughly 80% of those trusts, and the life insurance held within, are administered by...

Partial Plan Termination Relief in the Consolidated Appropriations Act of 2021

TOPIC: Partial Plan Termination Relief in the Consolidated Appropriations Act of 2021 MARKET TREND: The Consolidated Appropriations Act of 2021 (the “2021 Act”), signed into law on December 27, 2020, provides employers who provide defined contribution retirement plans with welcome relief from partial plan terminations that may have been triggered due to reductions in workforce…

Business Organizations Foundations

Topics: Firm Development, small Business

TOPIC: Business Organizations Fundamentals: Which Entity Choice is Right for your Business? MARKET TREND: As businesses of all types reflect on the goals they hope to achieve in the new year and beyond, now is the time to consider if a current organization is best suited to reaching those goals, both short- and long-term. SYNOPSIS:…

New Year Reminder: Have You Filed A Top Hat Plan Statement for Your Non-Qualified Deferred Compensation Plans?

Topics: Non- Qualified Defferred Comp

TOPIC: New Year Reminder: Have You Filed A Top Hat Plan Statement for Your Non-Qualified Deferred Compensation Plans? MARKET TREND: Non-qualified deferred compensation (“NQDC”) plans need to make a one-time “top hat” filing with the Department of Labor (“DOL”) when they are first established in order to avoid having to file annual Form 5500s. SYNOPSIS:…