Schechter Benefits Law Group LLP

Employee ownership is gaining momentum, and California businesses are in a prime position to benefit. With new legislation supporting ESOP transitions, increased access to financing, and a growing movement to retain local businesses, the time has never been better for business owners to explore employee stock ownership plans. California has been slower to adopt ESOPs compared to other states, but that’s changing as more companies recognize the benefits of empowering employees while securing long-term business stability. At Schechter Benefits Law Group, we are seeing more business owners take advantage of ESOPs to preserve their company’s legacy while rewarding their employees with meaningful ownership. If you’re considering an ESOP for your business, now is the time to explore your options. Read more here: https://lnkd.in/gNr5Y7hm

Congratulations to our Partners Marc Schechter, Corey Schechter, Esq. and Paul Woodard on their recognition and inclusion on the 2025 Super Lawyers list!

Dividing retirement benefits in a divorce isn’t as simple as splitting a bank account. A Qualified Domestic Relations Order (QDRO) is a crucial legal document that ensures retirement assets such as 401(k)s, pensions, and other employer-sponsored plans are properly divided without triggering taxes or early withdrawal penalties. At Schechter Benefits Law Group LLP, we have experience in drafting, reviewing, and enforcing QDROs, ensuring that both parties receive their rightful share of retirement benefits while remaining compliant with complex federal laws, including ERISA. Our team works closely with divorcing spouses, attorneys, and plan administrators to avoid costly mistakes that could impact long-term financial security. If you're navigating a divorce that involves retirement benefits, don’t leave your future to chance. Let our experienced attorneys handle the complexities of QDRO preparation and approval so you can move forward with confidence.

An Employee Stock Ownership Plan (ESOP) offers business owners a unique way to sell all or part of their company. ESOPs unlock significant tax advantages and create powerful incentives for employees. Unlike traditional benefit plans that invest in external stocks and bonds, an ESOP allows employees to own a stake in the company they help build—boosting motivation and driving company success. Business owners can sell shares at their own pace, ensuring a smooth succession plan without losing control until they’re ready. Key Benefits of an ESOP include: - Major tax savings for business owners, including the ability to sell without capital gains tax - Tax-advantaged financing for expansions, buyouts, or stockholder transitions - Increased retirement savings for employees with tax-exempt ESOP earnings - Stronger company culture—employees are invested in success - Flexible succession planning that provides liquidity for business owners An ESOP isn’t just a retirement plan—it’s a strategic financial tool that benefits owners, employees, and the company as a whole. Read more on this topic by visiting t.ly/cXyUc.

If your company’s retirement or health benefit plan has failed to comply with ERISA (Employee Retirement Income Security Act) or other federal regulations, you could be facing hefty taxes, penalties, and even potential legal action. However, there are ways to correct these issues before they escalate. At Schechter Benefits Law Group LLP, we help businesses identify, correct, and prevent compliance failures in their benefit plans. If your benefit plan contains errors, there are IRS and DOL correction programs designed to help businesses fix issues related to reporting mistakes, operational errors, or fiduciary missteps. Failing to comply with ERISA can result in substantial IRS excise taxes and DOL penalties, but businesses that take corrective action proactively may be able to reduce or eliminate these penalties. Ensuring your retirement, health, and welfare benefit plans meet federal requirements is essential for both your business and your employees. Noncompliance can erode trust, create unnecessary expenses, and expose your company to legal risks. To learn more about how we can help or to contact us, visit sblgllp.com.

Schechter Benefits Law Group LLP is committed to providing top-quality legal services in ERISA, employee benefits, and corporate law. Founded in 1998, our firm has grown into one of Southern California’s largest dedicated benefits law firms, with over 100 years of combined experience. We have served a diverse client base—including corporations, individuals, nonprofits, and even Rock & Roll Hall of Fame members—helping them handle the complexities of qualified retirement plans, executive compensation, compliance, and ERISA litigation. Our proactive approach focuses on preventing legal issues before they arise, fostering long-term client relationships built on trust and success. Whether you're a business owner, plan administrator, or executive, our team offers creative and effective legal solutions tailored to your needs. To learn more about us or contact us, visit sblgllp.com.

Check out the latest blog post published by our Partner Marc Schechter!

New Name and New Location – Same Lawyers and Same Great Service Butterfield Schechter LLP is proud to announce its rebranding as Schechter Benefits Law Group LLP, effective January 27, 2025. This exciting transition marks a new chapter for the firm while maintaining its steadfast commitment to delivering exceptional legal services. Under the leadership of Managing Partner Marc Schechter, Partner Corey Schechter, Esq., and Partner Paul Woodard, the firm will continue to specialize in the same practice areas that have defined its reputation for excellence. These include employee benefits law, ERISA litigation, tax law, business law and estate planning. Clients can expect the same personalized attention, expert counsel, and dedication to achieving their goals. The rebranding reflects the firm’s vision for the future while honoring its legacy. With this change, the firm’s new website will launch at www.sblgllp.com, offering updated resources and information for clients and partners. Marc Schechter expressed enthusiasm about the rebranding: “This transition represents our commitment to evolving with the needs of our clients while maintaining the integrity and quality of service that have always been our hallmarks. We look forward to continuing to serve our community under our new name, Schechter Benefits Law Group LLP.” The firm remains dedicated to providing comprehensive legal solutions and fostering long-lasting relationships with its clients, helping them navigate the complexities of the legal landscape with confidence. For more information, please visit the new website at www.sblgllp.com or contact us at (858) 444-2300 or [email protected]. About Schechter Benefits Law Group LLP Schechter Benefits Law Group LLP is a leading San Diego-based law firm specializing in employee benefits law, ERISA litigation, tax law, business law and estate planning. With decades of combined experience, the firm’s attorneys are dedicated to delivering innovative solutions and unparalleled service to individuals, businesses, and organizations across California and beyond.

Check out our Partner Marc Schechter's latest blog post!

I'm speaking at The ESOP Association CA/NV Chapter Annual Conference on September 27, 2024! Speakers: Marc Schechter, Esq. & Steve Ward (Government Liaison, Pavement Recycling Systems, Inc.) Topic: The Case for Employee Ownership: Corporate Social Responsibility and Political Advocacy Date: Friday, September 27, 2024 Time: 9:30 am - 10:30 am PT Registration Information: https://lnkd.in/gWqRayjh Event Description: With the California Employee Ownership Act recently passed and pro-ESOP legislation in place, ESOPs are primed to pave the way for other western states to follow suit. Even the U.S. Department of Labor launched the Employee Ownership Initiative within its Employee Benefits Security Administration that will support the creation and expansion of worker-owned businesses. Whether an s-corp or c-corp, government regulation affects every aspect of your ESOP structure. Communicating your needs and concerns to your elected officials can seem intimidating to employee owners who have little or no experience in the government area. In this discussion, we will explore relatively easy ways to make your voices heard in the halls of congress. This session will also provide tools and resources for fostering dynamic workplace cultures that attract and retain top talent as well as discussion around developing strategies to build a pro-ESOP community within and around the western states. #esop #esops #employeeownership