Author: heschlawadmin

How to Become a Better Business Owner

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Business owners need to properly plan for a large number of roadblocks that will challenge the success of their business. Bill Hesch is a successful entrepreneur with over 22 years of experience managing his law firm and CPA firm in the Cincinnati and Northern Kentucky area. Bill is uniquely experienced to consult with his CPA and law firm clients who are business owners regarding their legal, tax, and financial problems and concerns.

Here are a few tips from Bill that every business owner can use to become a better business owner:

1. The main reason most business owners do not succeed is because the business plan is flawed and not enough capital is raised to get the business to its breakeven point.

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Cutting Corners to Save Money-Forming Your Business

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When it comes to starting your own business, you don’t want to cut corners to save money. Some business owners choose not to work with an attorney because they believe that their business model is too simple to require legal counsel or that the up-front costs of an attorney are too expensive. However, even if you have a very simple business plan, there are numerous legal issues you still need to address with your business and tax attorney. If you choose not to work with an attorney, these legal issues can potentially become major problems for the success of your business. Here are three legal issues you should discuss with an attorney before forming your business.

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2015 Federal Gift & Estate Tax Rates | Estate Planning

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Each year, the IRS adjusts the limits for the amount of tax-free annual and lifetime gifts an individual can make. The Federal estate tax lifetime exemption is the amount an individual can leave to his or her heirs without having to pay Federal estate tax. The annual gift tax exclusion is the amount an individual can gift each year to another individual without using up their lifetime exemption. Beginning January 2015, the IRS has adjusted for inflation the federal estate tax lifetime exemption amount. The exemption amount has increased from $5.34 million to $5.43 million. The combined lifetime exemption amount has also increased for married couples, rising from $10.68 million to $10.86 million. With the Federal estate tax rate at 40%, it becomes critical to plan to avoid estate taxes if you are an individual with higher wealth exceeding the lifetime exemption.

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ABLE Accounts as an Estate Planning Tool for Special Needs Children

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Did you know that if you die without proper planning, the assets your special needs child inherits may make the child ineligible for government assistance? Estate planning is important for everyone, especially when disabled children are involved. Traditionally, attorneys use an estate planning tool called a special needs trust. The special needs trust is used to pay for expenses that are not covered by government benefits. Upon the death of the parents, the assets inherited by the special needs child are protected from being used up for the child’s basic needs paid by government programs. Today, there are additional tools attorneys can use, including ABLE accounts. But are ABLE accounts right for you?

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Back to Basics: Ohio and Kentucky Medicaid

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With a record number of people above retirement age in the United States, many children are now facing the challenge of deciding long-term care and medical options for their parents. A large part of the process is dealing with Medicare and Medicaid. However, most people do not truly understand what Medicaid is or how the program works. This article reviews the basics of Medicaid and how it may affect your planning process.

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Probate Attorney

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Probate 101: All You Need to Know

Whether you’re sitting on a fortune or only possess a few family heirlooms worth more sentimental value than cash, your estate will go through probate after you die. With the help of a good probate attorney, your assets are protected and your possessions end up where you want them to be. Without a basic understanding of the probate process, it’s tough to understand exactly where your money and belongings will go after you die.

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James Gandolfini Lessons

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In June 2013, The Sopranos star, James Gandolfini, died from a sudden heart attack while vacationing in Italy. Gandolfini was survived by his wife, infant daughter, son from a previous marriage, and two sisters. At the time of his death, his estate was valued at an estimated $70 million. Although Gandolfini had a large estate, he did not develop an effective estate plan to safeguard his assets. Although it is very unfortunate to see someone pass away at such a young age (Gandolfini was 51), his death can be used as a lesson for everyone of the importance of having an estate plan that protects their assets for their loved ones.

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Frequent Flyer Obstacles | Hesch Law

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Overcoming Obstacles

Frequent flyer miles can be very beneficial if you love to vacation or need to regularly travel for work. If you have spent countless dollars building up your frequent flyer miles, you would probably want unused miles to become a part of your estate in the event of your death. However, there are many obstacles that need to be considered before your heirs and beneficiaries can take your miles outright.

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Proper Estate Planning

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Top 10 Mistakes that may devastate your family and their financial security without proper estate planning

1. Failure to make sure you have enough life/disability insurance to provide for your family.

2. Failure to execute a Health Care Power of Attorney, a Living Will, and a Financial Power of Attorney, resulting in your family needing to go through probate court to be appointed your guardian in order to avoid what Terry Schiavo had to do for 10 years – being kept alive on life support with a feeding tube.

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Virtual Assets

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Estate planning typically involves implementing a strategy of how you will dispose of your physical assets upon your death. Physical assets can include a home, jewelry, furniture, and automobiles.

However, in today’s high-tech world, some of your assets probably cannot be physically accounted for. These assets can exist online, such as if you have an internet business, a blog that generates income from ads, frequent flyer miles, or a cloud depository for precious family photos. Such assets may continue to accrue untouched income for years or disappear altogether, simply because your heirs and beneficiaries don’t know they exist or don’t know where to access them.

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