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What is the spousal elective share in Alabama?
The spousal elective share is the right of a surviving spouse to claim a certain portion of their spouse’s estate on the death of the spouse. In other words, when one member of a married couple dies, the widowed spouse has the right to claim a certain portion of the deceased spouse’s estate. The intent is to preserve a minimum portion of the estate for the support of the widowed spouse. In Alabama, the spousal elective share is a statutory right codified as part of the Alabama Probate Code, Ala. Code § 43-8-70:
Guide to Family Limited Liability Companies (LLC)
Summary: A family limited liability company provides an effective solution to many of the problems which arise from ownership of property by multiple family members. The family limited liability company provides consolidated management and a mechanism for decision making with respect to the property, protection of the property from the individual family members’ creditors, and a structure to keep the property within the family by extremely limiting the means by which the property may be transferred to a person outside the family.
Changes to Planning for Retirement Accounts Brought on By the SECURE Act
New federal legislation this year, the Setting Every Community Up for Retirement Enhancement or SECURE Act brought about several changes to retirement accounts including IRAs and 401(k)s. The changes include an increase in the age for the start of required minimum distributions, an increase in the age cap for contributions to a traditional IRA, and some tweaks to the distribution options for death beneficiaries.
