Uncategorized Archives - Houston Texas ERISA Lawyer

9 Great Tips For Maximizing Summer Savings

As summer quickly comes upon us, many of us will be tempted to spend more than we should. Some of us will spend cash on wonderful beach trips, others will splurge on pricey hotels, and still others will spend more than they should on warm weather clothes and shoes. Spending experts would like us to know that summer doesn’t need to break your budget. Here are some great summer savings ideas to live frugally during the warmer months.

Buy produce in bulk. For some parts of the country, fresh foods come at a hefty price. However, for most of the country, the summer season means an abundance of locally grown fruit and vegetables. To keep your spending to a minimum, we suggest you consider signing up for a community-supported agriculture program or check out your local farmer’s markets. Most cities have at least one of these markets that specialize in locally grown fruits, veggies, and other products.
Choose generic products. Experts suggest that consumers buying store-brand items instead of pricier labels when you’re shopping for everyday goods. This will allow you to keep your spending to a minimum. Try Whole Foods or Trader Joe’s where the store label is usually less expensive.
Purchase appliances and large ticket items in the summer. It is a little-known fact that retailers mark down big-ticket appliances like refrigerators during the warmer months. Other well-priced items are indoor furniture, home goods, and cookware. Buying these items in the summer instead of the colder months could save you up to fifty percent or more! Take a look online before you hit the stores and make a list. Many major retailers will price match if you find a cheaper price elsewhere.
Try a thrift store. When the warmer weather comes, many of us start eying a new wardrobe. If this is you, we suggest you consider visiting the local thrift store before perusing the more expensive department stores. Spring clear outs of our closets can mean an influx of high-quality items at secondhand shops. So try the thrift store to pick up newer and designer labels at and discounted prices. You can also try a consignment shop for more expensive items at deeply discounted prices.
Reduce gas costs. For ways to cut back on this major household expenses, we suggest drivers look for chances to carpool to events or try public transportation. If you absolutely must use your own car, then make sure the tires are properly inflated and the engine is running efficiently. Emptying out your trunk can also make for a lighter car which can help cut your gas needs.
Try growing some of your own food. Yummy summer recipes can save you some cash if you grow some of your own produce. Try starting a small garden in your own backyard and plant seeds for some summer fruit, herbs, or veggies. You can also visit your local gardening store for ideas and tips on the proper things to plant during the summer months.
Use online tools for summer travel. Travel experts suggest that spenders try online comparison tools and travel websites before buying a pricier plane ticket, car rental, or hotel rooms this summer. Check out Venere, Airbnb, Jetsetter and CheapOair for great coupons and amazing discounts for last-minute or bargain-loving travelers.
Choose a cheaper workout. Warm weather draws many of us outside for outdoor workouts. Check out the discounted prices sometimes offered by gyms in the summer months. You can sometimes even score special rates that are only available in the warmer months.
Clean out storage spaces in your home. You may have put off spring cleaning or delayed the inevitable summer garage clean out, but it is never too late to clean out your basement, unclutter garage, and reduce junk in areas that tend to collect old items. Try scheduling a garage sale to earn some extra spending money cash, or sell more valuable items on popular sites like eBay.

Contact J. Price McNamara For Your ERISA Case

There is no need to worry about your retirement case issues. If you live in the Houston area, J. Price McNamara has the skills and knowledge you need to help resolve your ERISA case. We are ready and waiting to help you get started. Do not delay, call us now for a free case review.

Will Regulations For Retirement Accounts Change Soon?

Most Americans were stunned when Obamacare was put into place and many still do not understand all of the ramifications the healthcare law requires. But just when readers thought they had been dealt all the changes they were expecting, President Obama’s regulatory agencies have plans to make changes with regulations for retirement savings.

According to the Wall Street Journal, the Labor Department is set to implement new rules by the end of 2016. But what will these rule changes do? Essentially, the proposed changes will require private retirement investments to change to government accounts. They will do this by making private investment options, like IRAs, risky and expensive.
Opponents of the new plans argue that the new rules will take away some basic freedoms to choose which retirement accounts to invest in. Additionally, it is likely that government accounts will not allow for as many choices in interest rates or other account options.

The Department of Labor claims that its fiduciary rule will help force potentially dishonest financial advisers to act in the best interests of clients. In many instances, these advisers choose to act in the best interest of themselves in the interest of making a significant profit. On the downside, the proposed rule could carry potential legal liability if advisors do not follow a certain standard of care. This problem currently happens when advisors shun non-affluent accounts. This then forces middle-income investors to look elsewhere for financial advice.

Interestingly enough, the new rule is set to begin in January as President Obama is leaving office. Under the rule, financial firms advising workers moving money out of company 401(k) plans into Individual Retirement Accounts will have to follow the new higher standards. But government officials have already proposed waivers from the federal Erisa law. This means that new state-run retirement plans will not have the same regulatory burden as private employers currently do.

Many program opponents are seriously concerned at the problems this could cause for retirement saving in general. Experts also believe that this scenario could ultimately lead to workers saving less for retirement, government agencies raiding retirement accounts to pay the costs of other programs and greater government dependency.

What Is ERISA?

ERISA is the Employee Retirement Income Security Act (ERISA). Created in 1974, ERISA establishes minimum regulations for retirement, health, and other welfare benefit plans. The rules also include life insurance, disability insurance, and apprenticeship plans. ERISA’s rules address transactions associated with employee benefit plans. Additionally, they mandate that qualified plans must follow certain rules to ensure that plan fiduciaries do not use plan assets for their own needs.

What Parties Must Abide By ERISA Regulations?

ERISA laws apply to employer-sponsored health insurance coverage and other benefit plans offered to employees. This only includes private employers and not public ones. Corporations, partnerships, sole proprietorships, and non-profit organizations are covered under this plan, but churches and governmental employers are not. ERISA law does not require employers to offer retirement plans. Essentially, it establishes rules for the plans and benefits which employers can choose to offer their employees.

What Exactly Does ERISA Regulate?

Here are some of the areas that must be managed in compliance with ERISA:

Accountability and Reporting: ERISA regulations require accountability and specific reporting to the federal government.
Conduct: ERISA rules regulate the managed care conduct and other fiduciary responsibilities.
Disclosures: Certain disclosures must be provided to plan participants under ERISA regulations.
Best-Interest Protection and Financial Interests: ERISA was designed to act as a safeguard to assure that retirement plan funds are adequately protected and distributed in the best interest of each plan member. ERISA also prevents discriminatory practice when distributing plan benefits to qualified individual members.
Procedural Safeguards: Written rules should be established to address how claims should be filed, and how members can appeal the process if their claims are denied. ERISA also requires that any decisions be conducted in a “fair and timely manner”.
ERISA also addresses health insurance coverage via the Consolidated Omnibus Budget Reconciliation Act of 1985 (COBRA) and the Health Insurance Portability and Accountability Act of 1996 (HIPAA).

J. Price McNamara Can Help With Your ERISA Case

If you have an ERISA issue and you live in the Houston area, J. Price McNamara has the skills and knowledge you need to help resolve your case. We are ready and waiting to help you. Do not delay, call us now for a free case review.

12 Simple Ways To Boost Your Retirement Savings Now

When you plan for your retirement it is always best to start as early as possible, get professional advice, and listen to the experts. That being said, there are some simple steps you can take to increase your retirement savings. Consider the following tips to help you boost your retirement savings today.

1) Set a realistic goal. Sit down with a retirement professional so that you will know how much you will need to retire comfortably. This makes the process of saving and investing easier and more rewarding.

2) Set benchmarks along the way as you save. Many companies offer free retirement calculators to help you determine the age that you may be able to retire and how much you may need to save to do so. This will help you gain satisfaction as you pursue your retirement goals.

3) Start now saving now. Starting your savings as soon as possible is essential when you are considering your retirement pan. That is why experts recommend saving and investing as much as you can now. This will also allow for compounded interest on your money.

4) Contribute the maximum to your 401(k) plan. If your employer offers a traditional 401(k) plan, find out what the maximum is that you can invest and contribute that.

5) Limit spending as much as possible. Set up a budget on paper and eliminate any items that are not essential.

6) Meet your employer’s contribution to your retirement plan. If your employer offers to match your 401(k) plan, contribute enough to take full advantage of the match. This is free money, so don’t leave it on the table!

7) Open an IRA. Consider opening an (IRA) to help build your nest egg. Money contributed to a Traditional IRA is usually tax-deductible. They are also primed to grow tax-deferred until you begin making withdrawals during retirement. Aim to increase your retirement contributions up to the maximum allowed in your 401(k), IRA or other retirement plans whenever you can. Talk to your bank or a financial expert for more information about opening an IRA and all the critical details.

8) Take advantage of catch-up contributions if you are age 50 or older. You may have had some trouble saving for retirement in your younger years. But all hope is not lost. Once savers reach the age 50, they are eligible to save more than the normal limits. This is usually referred to as “catch-up contributions” for IRAs and 401(k)s. So if you haven’t been able to save as much as you would have liked in the years leading up to 50, catch-up on your contributions and boost your retirement savings as much as possible after age 50.

9) Automate your savings. This one may seem like a challenge, but it can ultimately be a huge factor in your savings plan. Many plans allow participants to automate their regular contributions directly from their financial institution. Speak to your bank or employer to find out how this can be done and how much you can contribute.

10) Squirrel away extra funds. You may have extra money that comes from a bonus or some other source. The first temptation is usually to spend it. Experts suggest that you put at least half away in your retirement savings account. Instead, treat yourself to something small and use the rest to help you get closer to your retirement goals.

11) Delaying Social Security benefits as long as possible. Experts suggest that this tip is essential when considering your retirement plan. The reason for this is that for every year you delay receiving a Social Security payment before age 70, the amount you receive in the future will increase. This also means that pushing your retirement back for a year or more could significantly boost your Social Security income when you retire.

12) See a professional for more details. You may know that you need to put money away for retirement, but finding out exactly how much you need is also very important. Finding creative ways to increase your contributions is also a smart move. It may seem like a pain, but the little amount of extra effort now will help make your retirement comfortable and enjoyable.

Contact Attorney McNamara Today For ERISA Help Today

The legal team at the Law Offices of J. Price McNamara is waiting to help you with your ERISA issues, so do not hesitate to contact us. Attorney J. Price McNamara has been practicing ERISA law for many years and has handled many cases just like yours. We are ready to schedule your free case review, so call us now to get started.

5 Critical Financial Tips To Consider If You Are Getting Remarried

According to experts, nearly one-half of new marriages include at least one partner who had been previously been married. Out of those same number of marriages, almost a quarter were between people who had both previously stepped down the aisle. This makes for some challenging situations when it comes to assets and retirement. Here is some critical information that you should consider if you are one of the thousands of couples that are getting remarried.

Tip 1: Educate Yourself

Most couples do not understand that marriage automatically gives significant legal rights to the new spouse. Some of the rights that a spouse automatically gains upon marriage can include:

• The right to be the legal guardian for the other spouse
• The right to be the personal representative of a deceased spouse in legal or medical decisions
• The right to a percentage of the other spouse’s estate
• The right to money, ownership, or use of a house belonging to the couple or the deceased spouse
• The right to personal property, including heirloom assets of the deceased spouse
• The automatic right to be a beneficiary of ERISA accounts belonging to a deceased spouse
• The right to be financially supported under filial support laws

Any of these factors could be a surprise if you do not know what they are. Take the time to do some basic research and learn what you are getting yourself into. A few hours of internet research could make the difference between going into your new marriage with eyes open and getting a nasty surprise after you have already tied the knot.

Tip 2: Make A Will Or Update Your Existing One

Most couples do not like having to deal with personal legal planning. These processes take time and can cost money. However, in the long run, proper planning and organization can save time, effort, stress, and heartache when you or your spouse passes away. There are lower cost alternatives online for services like Legal Zoom that can walk you through the process and help you complete the proper paperwork. So if you have an existing will, be sure it is updated and if you do not have one, get one as soon as possible.

Tip 3: Consult An Expert

Financial experts suggest that couples who are considering a remarriage should meet with legal counsel to understand what their rights are and how to limit those rights and powers if they need to. This becomes particularly important if there are significant assets like real estate, family businesses, or other large ticket items involved. Additionally, you and your spouse should talk about what you would like to do if either of you is involved in a serious accident involving life support or if one of you becomes incapacitated.

Tip 4: Get A Prenuptial Agreement

Financial experts say that a prenuptial agreement is worth getting even if you are not wealthy. The reason for this is that if a new spouse dies without one, the surviving spouse could inherit a spousal right of election. This becomes tricky if you have significant assets and children from a previous marriage. Likewise, in the event of divorce, it is better to have specific direction with respect to assets in order to avoid conflict.

Tip 5: Talk To Your Spouse About Finances And Retirement

It may seem like a strange thing to do, but experts say that sitting down for a discussion about finances and retirement is a smart thing to do prior to getting remarried. Talk about the details and make sure you are on the same page. It is also a good idea to talk about your assets and what is on the table. This can eliminate significant conflict if there are differences between what each spouse is expecting.

NOTE: Nothing in this article should be construed as financial or legal advice. We recommend you seek qualified and experienced counsel from the appropriate experts before making any legal or financial decisions.

Contact J. Price McNamara Today For Your ERISA Questions

Only an attorney with knowledge of the appropriate ERISA laws can help you get you the outcome you deserve for your case. J. Price McNamara has been practicing law for many years and has handled many ERISA cases just like yours. Call us today to schedule your free case review and get an experienced ERISA team on your side.

What To Expect During An ERISA Claim Part 2

In last week’s blog, we discussed “What To Expect During An ERISA Claim Part 1”. This week, we will finish up the discussion by addressing the second part of what happens when you have an ERISA claim.

Will My Procedure Vary From State To State?

Yes, the way your suit is handled will depend on the rules of the state court where your case is pending. It is in the best interest of the parties to get the case resolved as quickly and efficiently as possible. If you are unable to settle your case, the court requires that you attempt to agree to as many relevant procedural issues as possible. After this happens, the parties will file documents with the court related to your particular ERISA claim. Next, the parties’ attorneys will prepare court “briefs” that outlining the positions of each party.

What Will The Trial Be Like?

With ERISA cases, there is not a trial in the traditional sense. After all appropriate documents have been submitted, the court will decide your case based upon the substance of the record that is created during your appeal process. This was your opportunity to protest the way your particular case was handled and request an alternate decision. If the court rules with your insurance company, then the claim decision will be upheld and your ERISA case is over. One exception to this is if your appeals is up-held and the original decision is reverses.

What Is The Administrative Record And How Does It Apply To My ERISA Case?

When your case is being heard and decided, an attorney cannot evaluate the merits of your case until they review the administrative record. The administrative must be disclosed during your litigation.

What Can I Recover If I Win My Appeal?

Under ERISA, recovery is limited to benefit that are due from the original claim. Sometimes parties can also obtain attorney’s fees and costs.

What Are The Odds That I Will Be Successful In My ERISA Case?

No law firm or attorney can guarantee that you will be successful in your ERISA case. The reason for this is that appeals ERISA law was created to support insurance plans, retirement plans and the applicable administrators. This can make it difficult to prevail on appeal, which makes it even more critical that you obtain an experienced and skilled ERISA Attorney.

What Are The Typical Costs For An ERISA Case?

ERISA claims cases can be expensive. The cost of an appeal (without including your attorney’s fees) is usually a few thousand dollars or more. On those cases which are appealed the appeal is lodged within 30 days of the District Court’s final order.

How Long Will My ERISA Case Take?

Once your paperwork is filed, a case can typically take between one (1) to two (2) years to complete. However, since there is no trial you will not appear in court. A decision will usually be rendered within sixty (60) days after your attorney argues your case.

What Are The Typical Fees For An ERISA Case?

Most lawyers and law firms handle fees for ERISA cases differently. Some attorneys or firms require the client to pay a retainer upfront and then bill on an hourly basis against that retainer to handle the case. Other firms will require a retainer up front only to cover costs, but will handle the attorneys’ fee aspect of the claim on a contingent fee arrangement. You will need to contact your attorney or firm directly to find out how the fees for your case will be handled. Regardless of what you agree to, you must be given the fees in writing and sign a form stating that you understand and agree to the fees.

Is The Recovery Award From My ERISA Case Taxable?

Any monetary reward from your ERISA lawsuit could be taxable. However, this will likely depend on a number of factors. If you undertake an ERISA lawsuit and obtain a reward, you should consult with a qualified tax professional regarding the taxability of any proceeds from your case.

Call J. Price McNamara For Help With Your ERISA Case Today

Only an attorney with knowledge of the appropriate laws can help you get you the outcome you deserve for your ERISA case. The legal team at the Law Offices of J. Price McNamara is waiting to help you resolve your case. Call us today to schedule your free case review and get an experienced insurance attorney on your side.

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