{"id":198,"date":"2017-06-28T00:58:56","date_gmt":"2017-06-28T00:58:56","guid":{"rendered":"https:\/\/eralawgroup.wordpress.com\/?p=86"},"modified":"2018-09-29T14:56:17","modified_gmt":"2018-09-29T14:56:17","slug":"tuesdaytips-when-to-not-do-it-yourself","status":"publish","type":"post","link":"https:\/\/eralawgroup.com\/tuesdaytips-when-to-not-do-it-yourself\/","title":{"rendered":"#TuesdayTips \u2013 When to NOT Do-It-Yourself"},"content":{"rendered":"<p style=\"text-align: justify;\">This week\u2019s #TuesdayTips article comes one day after a recent United States <a href=\"http:\/\/eralawgroup.com\/tuesdaytips-major-changes-for-marylands-2019-estate-tax-exemption\/\">Tax<\/a> Court ruling in the case of Summers v. Commissioner of Internal Revenue (Docket No. 32259-15).\u00a0 Many individuals find themselves in a precarious situation when they decide to handle certain matters without an attorney.\u00a0 These \u201ccost saving measures\u201d sometimes result in quite a heavy burden.<!--more--><\/p>\n<p style=\"text-align: justify;\">In this specific case, Mr. Summers and his wife divorced amicably and decided to move forward without attorneys.\u00a0 Pursuant to their agreement, Mr. Summers was to withdraw funds from his IRA and provide them to his wife.\u00a0 Typically, this is done via a Qualified Domestic Relations Order (QDRO).\u00a0 Pursuant to 26 U.S. Code Section 72(t)(1), distributions from a QDRO are exempt from the 10% additional tax typically imposed on early distributions.\u00a0 Unbeknownst to Mr. Summers, taking an early distribution made directly to himself would not qualify for the tax exemption even though he immediately transferred said funds to his wife for her sole benefit.\u00a0 As a result of an honest mistake, Mr. Summers was forced to suffer the 10% early distribution tax.<\/p>\n<p style=\"text-align: justify;\">Don\u2019t let yourself fall victim to an honest mistake.\u00a0 The attorneys at ERA Law Group, LLC offer <a href=\"http:\/\/eralawgroup.com\/familyfriday-eras-fixed-fee-family-services\/\">fixed fee<\/a> QDRO services!\u00a0 Call us today at (443) 906-3566.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Many individuals find themselves in a precarious situation when they decide to handle certain matters without an attorney.\u00a0 These \u201ccost saving measures\u201d sometimes result in quite a heavy burden.<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[426,420,422,413],"tags":[43,6,44,18,21,11,12,45,46,38,41,47,48,15,49,50],"class_list":{"0":"post-198","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-divorce-and-separation","7":"category-elder-law","8":"category-estate-litigation","9":"category-family-law","10":"tag-401k","11":"tag-agreement","12":"tag-attorney","13":"tag-business","14":"tag-collection","15":"tag-divorce","16":"tag-family-law","17":"tag-fees","18":"tag-ira","19":"tag-law","20":"tag-parents","21":"tag-qdro","22":"tag-retirement","23":"tag-separation","24":"tag-settlement","25":"tag-taxes","26":"entry"},"acf":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/eralawgroup.com\/wp-json\/wp\/v2\/posts\/198"}],"collection":[{"href":"https:\/\/eralawgroup.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/eralawgroup.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/eralawgroup.com\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/eralawgroup.com\/wp-json\/wp\/v2\/comments?post=198"}],"version-history":[{"count":3,"href":"https:\/\/eralawgroup.com\/wp-json\/wp\/v2\/posts\/198\/revisions"}],"predecessor-version":[{"id":959,"href":"https:\/\/eralawgroup.com\/wp-json\/wp\/v2\/posts\/198\/revisions\/959"}],"wp:attachment":[{"href":"https:\/\/eralawgroup.com\/wp-json\/wp\/v2\/media?parent=198"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/eralawgroup.com\/wp-json\/wp\/v2\/categories?post=198"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/eralawgroup.com\/wp-json\/wp\/v2\/tags?post=198"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}