Services
Schatz & Associates is a one stop business and personal planning service firm that helps its clients construct a specialized plan and works with them to implement the plan. Schatz & Associates has a seasoned list of known and qualified professionals it works with providing clients the greatest expertise in each service area. Schatz & Associates does the background work for the client saving them time, money and delays when a business or personal planning need is eminent. Areas of focus are noted below but are not necessarily limited thereto.
Business Planning services focus on the benefits and pitfalls of establishing a business entity such as a corporation (Regular C, Sub S and Professional), Limited Liability Company (L.L.C), Limited Liability Partnership (L.L.P) and General and Limited Partnership. Services include but are not limited to a personalized checklist review of information necessary and appropriate to draft Articles of Incorporation, By-Laws, Business Agreements, Buy-Sell Agreements, Operating Agreement and Transfer Documents. The primary focus is on limiting liability and the tax effect associated with each entity.
Estate and Personal Planning services focus on the needs of each individual developing their estate, financial, tax and retirement objectives. This could include but not necessarily be limited to use of revocable and irrevocable trusts, wills, irrevocable insurance trusts, wealth replacement trust’s, special needs trust, minors trust, charitable remainder trusts and private or charitable foundations. Recommended use of a Standby Power of Attorney, Power of Attorney for Health Care, Standby Appointment of a Guardian or Conservator, or other directives pertinent to the individuals needs will be discussed and considered.
In the event of a death Schatz & Associates would work with the family on the probate or wealth transfer process including use of proper and necessary probate or trust administration filings, need and preparation of federal estate, state inheritance and federal and state fiduciary as well as individual income tax returns.
Trust services focus on use of Revocable, Irrevocable, Charitable Remainder Annuity and Uni-Trusts for estate planning. Schatz & Associates will go through the various terms, their definitions and examples of use and application with the client to determine what structure best suites the goals and objectives the client is trying to achieve.
Tax services focus on a review of the three years of filed income tax returns. Discussion will focus on the source of income, ways to enhance income but lower taxable income through acquisition of tax exempt investments and if receiving social security how to reduce taxability. Consideration will be given to retirement funding, catch up funding opportunities, how retirement funds are invested and whether a recommended change in investment philosophies might generate ore retirement income. A review of utilized tax deductions will be discussed with suggestions and recommendations on taking legal opportunities to reduce taxable income through additional individual itemized deductions or those authorized and allowed through a home or separate entity business.
Life Insurance services focus on evaluating the coverage needed and implications at time of death with the individual and other family members. Each policy of a client would be reviewed to determine if the beneficiary designations and ownership are current. The death value versus the cash value in each policy will be explained. Recommendations may be suggested to take existing cash value and how to use to acquire greater coverage without additional cost and taxation through a 1035 exchange. Discussions would also focus on benefits and pitfalls of long term care, disability and Medicare supplement coverage.
Investment services focus on review and discussion with clients of all forms of investment funds, annuities and individual and corporate retirement accounts, rollovers, tax considerations as well as appropriate use of Employee Stock ownership Plans and 419 Welfare Benefit Plans.
Elder Care services focus on planning for post retirement care and evaluating if an individual’s affairs are in order. Topics for care discussion include consideration of assisted living facilities or nursing home care, long term care coverage, and funeral arrangements. Items to ensure one’s affairs are in order would include having a current Last Will and Testament or preferably a revocable trust setting forth the plan for distribution of assets upon death; a Standby Power of Attorney to designate an individual (usually a family member) to take care of personal needs and financial affairs should they become mentally or physically unable to do so; a Standby Power of Attorney for Health Care stating wishes and who is to carry out directions for treatment; does a standby guardian or standby conservator need to be designated and does someone have knowledge of the location of assets. Finally to avoid family conflict a list of personal and sentimental items that are to be distributed to specific individuals is recommended.
Other Consulting Services can and often do expand to real estate transactions consisting of sales agreements, contracts, leases, like kind exchanges and tax effects of the various transactions.
