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Business Valuations

Executor of Estate? Use our Executor Checklist

December 21, 2016 by Admin

In Charge of Dad’s or Mom’s Estate? 

Overwhelmed?

When a loved one passes away and you’re named as executor of his or her estate, you’re likely to feel a mix of emotions. Sadness over the individual’s demise, of course but mixed with that, will be feelings of apprehension: “How can I be sure I’m honoring the decedent’s last wishes and fulfilling all my responsibilities?”

What Do I Need to Know?
The responsibilities aren’t limited to deciding who gets which assets – it also means identifying all the decedent’s assets, and ensuring that the proper paperwork is filed with the IRS, the State and other agencies. To help you through this overwhelming time, Urbach & Avraham, CPAs has prepared an Executor Checklist that outlines the issues that an executor needs to consider.

Click here for the link to our Executor Checklist

Difficult Beneficiaries?….Family Owned Business?….IRA Nightmares?
The checklist is a roadmap of tasks, from probating the will, to filing a final Income Tax return and other required estate filings, to dealing with beneficiaries and distributing the assets. It’s loaded with tips on how to locate all assets, save various taxes and efficiently manage the estate administration.

This handy guide is packed with reminders about technical questions for your CPA, legal or other financial advisor. We work with many qualified estate attorneys to seamlessly coordinate your situation.

Finally, the Urbach & Avraham Executor Checklist highlights the complexities presented when a family owned business is involved. Was there a buy sell agreement? Who is paying the estate tax on the business, and are funds available to pay the tax?

As an executor, you’re already coping with a lot of emotional and other issues. We’re available to help lift the financial burden by assisting you with accounting and tax matters during this difficult time.

Filed Under: BUSINESS FORUM, Business Valuations, Estate Taxes, ESTATE, TRUST, GUARDIANSHIP, Income Taxes, LITIGATION SUPPORT, TAX TIPS FOR INDIVIDUALS, Taxes, Taxes, Wills- Probate Tagged With: Estate Taxes, NJ Estate Taxes, NJ Inheritance Taxes

Gifts that Catch the IRS’s Attention

July 18, 2012 by Admin

A recent publication by the U.S. Government Accountability Office highlights the increasing IRS trend of auditing returns that include items likely to involve an appraiser. A primary focus is on gift and estate returns, which often include such items. IRS technical advisors identified several gifts as being likely to involve an appraiser, including:
• Retirement plans
• Personal residence
• Real estate, improved
• Real Estate partnerships
• Other limited partnerships
• Art
If you are considering gifting your business make sure to have a certified business valuator appraise it. You’ll be happy you did if the IRS should ever come knocking.

Filed Under: Business Valuations, ESTATE, TRUST, GUARDIANSHIP Tagged With: Business Valuations, Gift Taxes

Jeffrey Urbach Awarded Certificate of Excellence from NACVA

July 17, 2012 by Admin

Congratulations to partner Jeffrey Urbach, who has earned a Certificate of Excellence by the National Association of Certified Valuators and Analysts (NACVA) as the 2011 Instructor of Exceptional Distinction. Jeff, a Certified Valuation Analyst, generously shares his expertise and wisdom as a regular lecturer for NACVA, greatly enriching all those privileged to hear him. Jeff is accredited in Business Valuation. His specialty is the business valuation of medical and dental practices, law offices and other professional practices.

Filed Under: Business Valuations, Business Valuations, Business Valuations, DIVORCE FORUM, ESTATE, TRUST, GUARDIANSHIP, LITIGATION SUPPORT, MEDICAL PRACTICES, Taxes Tagged With: Business Valuations, Medical Practices

Do You Know the Real Value of Your Business?

June 6, 2012 by Admin

You probably think you already know the value of your business. After all, who would know it better than the owner? The reality is, however, that there are several factors that impact the value that many business owners are unaware of. In addition, the emotional investment one has in his business may cause him to underestimate risks or overestimate cash flows. Why is it important to know the true value of your business? Here are a few compelling reasons. [Read more…] about Do You Know the Real Value of Your Business?

Filed Under: BUSINESS FORUM, Business Valuations, Business Valuations, ESTATE, TRUST, GUARDIANSHIP, LITIGATION SUPPORT, Taxes Tagged With: Business Valuations, Estate Taxes, Gift Taxes

NJ Court Clarifies Contingent Interest for Estate Asset Valuation

February 14, 2012 by Admin

NJ Inheritance Tax is computed on the clear market value of property transferred, valued at the date of death. In the Estate of Claire Schinestuhl,the NJ Division of Taxation determined that the shares of a publicly traded company inherited by the decedent, Claire, from her brother, Prescott Schinestuhl must be separately valued as of the date of Claire’s death and not about two years later when the sale proceeds of the shares were distributed by her brother’s estate.  [Read more…] about NJ Court Clarifies Contingent Interest for Estate Asset Valuation

Filed Under: Business Valuations, Business Valuations, Estate Taxes, ESTATE, TRUST, GUARDIANSHIP, LITIGATION SUPPORT, Taxes Tagged With: Business Valuations, Estate Taxes, NJ Inheritance Taxes

Gift Tax Valuations enjoy new IRS Loophole

September 27, 2011 by Jeffrey Urbach

With the current low asset values and the estate/ gift- tax exemption slated to be reduced to $1 million in 2013 (from its current $5 million level), many are considering sheltering their assets by making large gifts. A prevalent concern is the valuation of these large gifts. What if the IRS challenges your estimate and wants more gift taxes? In Estate of Petter vs Commisioner, a popular technique to sidestep gift taxes was affirmed. [Read more…] about Gift Tax Valuations enjoy new IRS Loophole

Filed Under: Business Valuations, Business Valuations, ESTATE, TRUST, GUARDIANSHIP, LITIGATION SUPPORT Tagged With: Business Valuations, Gift Taxes

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