Join Cherry Bekaert’s Private Client Services podcast in the first podcast of our series for closely held businesses. In the first podcast, our team explores exit strategy essentials, diving deep into the world of closely held business transitions. Join our speakers Jessica Fairchild, Partner, Croke Fairchild Duarte & Beres, Drew Hinnant, Director, Cherry Bekaert, and David Nissen, Partner, Cherry Bekaert, as they unravel the complexities of exit strategies. Whether you're a founder considering retirement, a business owner looking to unlock your company's value, or planning a transition to the next generation, this podcast is your go-to resource.

In this episode, our speakers discuss the fundamentals of exit strategies, highlighting the importance of transitioning ownership to unlock value and ensure the continuity and growth of the business. Additionally, they share insights on various exit options, from initial public offerings (IPOs) and strategic sales to private equity and family transitions, while emphasizing the significance of planning and understanding your business's true value.

Discover the common challenges business owners face when planning their exits and learn valuable tips to avoid potential pitfalls. Our speakers stress the importance of early planning, having a trusted advisory team and being prepared for unsolicited offers. They also underscore the emotional journey of selling a business and the need for a supportive network.

Whether you're starting a business or contemplating a transition, Cherry Bekaert’s most recent podcast offers practical advice and expert insights to guide you through every step of the process. Tune in to cement your business's legacy and secure your personal and financial future.

The federal estate and gift tax exemption is scheduled to sunset by the end of 2025, and it is imperative to begin planning today in order to protect your assets and minimize tax burdens in your estate plan.

The first step is to receive an initial assessment of your current situation, which will help determine the impact of the sunset or current exemption on your estate. To prepare for the best possible outcome, it is important to work with experienced professionals who can create a customized estate plan tailored to your unique financial goals, risk profile and cash flows.

In this episode of Cherry Bekaert’s Private Client Services podcast, Marci Spivey, Family Wealth Taxation Segment Lead, and Mike Kirkman Estate, Trust & Gift Tax Leader, discuss the latest trends, news and insights in the world of finance.

They are joined by Clint Costa, Senior Wealth Strategist at Choreo, LLC, who provides an in-depth analysis of the estate tax and gift tax, explaining the fundamental concepts and how the sunset will impact assets. Additionally, this episode sheds light on specific steps individuals can take to assess whether they should utilize the additional estate tax exemption before it expires.

Listen to learn more about:

• The federal estate and gift tax exemption and its sunset after 2025
• How experienced professionals can help you create a customized estate plan
• Emotional considerations in estate planning and how to address them
• Why you should plan now and take advantage of valuations at today's value

Do not wait until it's too late. Start planning ahead with the right team of advisors.

Each year, as the tax filing deadline nears, it is important to identify your projected tax payments and when to pay them [LJ1] so you can avoid submitting inaccurate tax returns. Staying up to date with the most recent Internal Revenue Service (IRS) withholding and estimated tax payment guidelines for individuals is also crucial in understanding how these regulations will affect your taxes. This podcast focuses on estimated tax payments, withholding and related cash flow planning.

The first episode of the joint podcast series between Cherry Bekaert’s Private Client Services group and Choreo Advisors features Cherry Bekaert’s Marci Spivey, Partner and Private Client Services Industry Leader, and Deb Walker, Compensation & Benefits Director, as they are joined by Michael Radford, Managing Director at Choreo Advisors. Together they discuss the details of estimated tax payments, withholding and tax-related cash flow planning.

Tune in to learn more about:

• Estimated tax payment and withholding guideline overview
• How withholding can help tax payment obligations
• Advantages of seeking advice from tax professionals

Related Guidance

• TCJA: Estate & Trust Planning Update
• Charitable Remainder Annuity Trusts: Is Time Running Out?
• 2023 Year-End Tax Planning Checklist for Individuals
• Analyzing the Impact: Tax Relief for American Families and Workers Act of 2024

Labor shortages impact numerous industries in today’s economic landscape, in which attracting and retaining valuable employees is top of mind for so many employers. There are new tactics that companies are exploring in order to hire and keep key personnel. These solutions include year-end bonuses, profit sharing, 401(k) match, performance bonus, sales commission and more.

In this latest edition of Cherry Bekaert’s Private Client Services podcast, Mike Kirkman, Partner in Cherry Bekaert’s Estate, Trust & Gift group, and Deb Walker, Compensation & Benefits Director, discuss how incentive plans can be utilized to retain employees. The pair covers:

• Arrangements to keep key personnel
• Examples of incentive plans
• Employee ownership and like-ownership interest in the business
• Incentive stock options vs. nonqualified stock options

Related Guidance

SECURE 2.0: Retirement Plan Changes Explained

Starting a new business can be daunting. On this episode of the Private Client Services podcast, Greg Kellar, Tax Senior Manager, and TJ Wilson, Partner and Leader of the Firm’s Gastonia tax practice, walk through the necessary steps when starting a new business. They pay special attention to the importance of tax and business planning components, such as entity selection, capitalization (funding of business), loan structures, bylaws, insurance and relationships with professional service firms. Establishing these business foundations helps to ensure short- and long-term success.

Cherry Bekaert’s Private Client Services practice assists closely held businesses, C-suite executives, high-net-worth individuals and their families with tax, accounting and business matters impacting business and personal growth goals and objectives. If you have any questions specific to your business or individual financial or tax needs, Cherry Bekaert’s advisors are available to discuss your unique situation with you.

Additional Resources:

• Article: Tax Planning Opportunities For Executives with Incentive Stock Options Strategies
• Podcast: 2022 Year-End Tax Planning for Professional Services Businesses
• Podcast: Q&A on Proposed Tax Rate Changes for Individuals per the Treasury’s Green Book

You work hard for your retirement, saving and planning for years to prepare for that next stage in your life. When you reach age 72, or later depending on when you retire, you have required minimum distributions (RMDs) you must withdraw from your retirement plan or individual retirement arrangement (IRA). RMD rules have shifted over the last two years and are set to potentially be updated again towards the end of 2022 or early 2023.

In our latest Private Client Services podcast series, our team shares insights regarding how to navigate the current RMD landscape. Join Mike Kirkman, leader of Cherry Bekaert’s Estate, Trust & Gift Tax services and member of the Firm’s Private Client Services practice, and Deborah Walker, Tax Services Director and Compensation & Benefits leader, as they discuss how to prepare RMDs for year-end and how to be proactive for 2023 and beyond.

This podcast will cover:

• RMD relief for 2021 and 2022
• Potential year-end tax legislation predictions
• Future impacts to RMDs in 2023 and beyond

Related Guidance:

• Differences Between and Benefits of Charitable Remainder Trusts and Charitable Lead Trusts
• 2022 Inherited IRA and Retirement Plan Required Minimum Distributions
• Not All 2020 Retirement Plan Distributions are Taxable Due to COVID-19

You want your money to leave an impactful legacy by providing for people you love and benefiting organizations you support. Cherry Bekaert’s Private Client Services team regularly assists our clients by establishing charitable trusts, which are often the best way to reach these goals.

In this episode of Cherry Bekaert’s PCS podcast, Tax Partners, Greg Marx and John Ure, along with Senior Tax Accountant, Molly Gilroy, discuss the advantages of and distinctions between charitable remainder trusts (CRTs) and charitable lead trusts (CLTs) through:

• Income tax benefits and implications
• Estate tax implications
• Growth market and recession interest rates

Listen in to learn more about how you can make your money work best for you.

Related Guidance:

• 2022 Year-End Tax Planning Strategies for Individuals
• 2022 Inherited IRA and Retirement Plan Required Minimum Distributions
• New Tax Rules for U.S. Trusts with Beneficiaries
• New Final Regulations for Estates and Trusts

Interested in a retirement plan with higher limits than a 401(k) and profit-sharing plan? If so, a DR-VIP plan may be for you. A DR-VIP plan is a qualified retirement plan designed for business owners and professionals who seek high deductible contributions in excess of the defined contribution plan limits. The plan combines the best features of defined contribution plans and defined benefit plans.

Listen to Chris Lewis, a Tax Partner in the Firm’s Private Client Services group and Mark Maund, a Senior Financial Advisor in Cherry Bekaert Wealth Management LLC, as they discuss the attributes of Direct Recognition Variable Investment Plans.