by Kieran O'Dea, CPA, Partner
My advice to clients is to always have an exit strategy in mind. Regardless of whether you’re transferring your business to the next generation, facilitating a management-led buyout or selling to an outside party, it’s never too early to start preparing your business for transition. At a minimum, you will find that going through this exercise will help you understand your business better and run it more efficiently in the meantime.
Not all exits are planned. Positioning your company for its eventual sale will maximize selling proceeds and ease the transition to new management. No single solution fits every business. At H2R CPA, we’ve developed an approach to assist business owners with identifying ways to make a business more attractive to potential buyers. If you prepare for the unexpected, you (or your heirs) stand a better chance of selling your business for what it is worth – or even at a premium. Proactive business owners may not necessarily be looking to sell, but they are always ready.
by Paul K. Rudoy, CPA/PFS, Managing Partner
No. Beneficiary designations control how these assets are transferred upon death. Wills do not play a role here. This is a serious mistake many people make, particularly when second marriages and two families are involved, when your spouse
is not a parent of your children, or when you want a special allocation that is not pro rata, such as leaving more to one child than another.
We have seen many circumstances where people have elaborate asset allocations in their wills that have been drafted perfectly by attorneys. However, as people get older, many times the main asset to leave to heirs is a retirement account(s). Without the proper beneficiary designations, children often unintentionally receive almost nothing from a parent’s estate.
There are many other aspects to a good estate plan, but it is important to make sure your retirement and annuity bequests match your wishes.
Contact H2R CPA at 412-391-2920 or email@example.com for more information or to receive a complimentary Estate Planning consultation.
by H2R CPA Team
Do you have time to navigate the ever-changing tax code?
Let us help you with our Tax Pocket Guide 2017, which provides a concise chart of the most common tax rates for individuals and businesses. This guide is a valuable resource that will help you estimate your 2017 taxes.
As you may know, H2R CPA is always here to answer your tax questions, provide tax planning advice, and keep you informed of any new tax legislation that may impact either your personal or your business situation.
Furthermore, we can help you create a strategy to minimize taxes for the coming year, as well as develop a long-term tax strategy to benefit your retirement plan, family and heirs.
Here's to a successful 2017!
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