by H2R CPA Team There’s an old saying regarding family-owned businesses: “Shirtsleeves to shirtsleeves in three generations.” It means the first-generation owner started in shirtsleeves and built the company up from nothing but, by the third generation, the would-be owner is back in shirtsleeves with nothing because the business failed or was sold. Although you … Read more
by H2R CPA For some business owners, succession planning is a complex and delicate matter involving family members and a long, gradual transition out of the company. Others simply sell the business and move on. There are many variations in between, of course, but if you’re leaning toward a business sale, here are seven ways … Read more
by H2R CPA TeamIn many respects, estate planning for single parents of minor children is similar to estate planning for families with two parents. Single parents want to provide for their children’s care and financial needs after they’re gone. But when only one parent is involved, certain aspects of an estate plan demand special attention. … Read more
by H2R CPA Team A common estate planning mistake is to designate a minor as beneficiary — or contingent beneficiary — of a life insurance policy or retirement plan. While making your young child the beneficiary of such assets may seem like an excellent way to provide for him or her in the case of … Read more
by H2R CPA Team The “sandwich generation” accounts for a large segment of the population. These are people who find themselves caring for both their children and their parents at the same time. In some cases, this includes providing parents with financial support. As a result, estate planning — which traditionally focuses on providing for … Read more
As part of H2R CPA’s Litigation Support practice, we provide expert consulting and testimony services to assist counsel and their clients going through divorce and marital disputes. Family-law attorneys often require these services on behalf of dependent and independent spouses in cases involving a variety of complex issues. Beginning with this post, and on a … Read more
by H2R CPA Team As the holiday season quickly approaches, gift giving will be top of mind. While gifts of electronics, toys and clothes are nice, making tax-free gifts of cash using your annual exclusion is beneficial for both you and your family. Even in a potentially changing estate tax environment, making annual exclusion gifts … Read more
by H2R CPA Team For families with disabled loved ones who are potentially eligible for means-tested government benefits such as Medicaid or Supplemental Security Income (SSI), estate planning can be a challenge. On the one hand, you want to provide the most comfortable life possible for your family member. On the other hand, you don’t … Read more
by Paul K. Rudoy, CPA/PFS The Trump Tax Proposal (TTP) from last week could be a big winner for many. There are a few who will be losers from the TTP, but many people are likely to be unaffected by what is proposed. The following are key considerations for various parties affected by this proposal. … Read more
by H2R CPA Team What happened?On September 7, 2017, Equifax, one of the three main American credit reporting agencies, announced a massive cybersecurity incident that exposed consumer information – including names, addresses, birth dates, and Social Security numbers – leaving millions vulnerable to identity theft. What can I do?1. To check if you or anyone … Read more