Death and taxes

first_imgShare Facebook Twitter Google + LinkedIn Pinterest By Brian E. Ravencraft, CPA, CGMA, Partner at Holbrook & Manter, CPAsMost of us have heard the quote from Benjamin Franklin, “In this world, nothing is certain except death and taxes.”It would be safe to say that no one enjoys paying taxes and not many really want to think about death either. But both require planning and thought.Thank back to the beginning of the year. Maybe you made some resolutions and then promptly forget them. The end of January rolled around and you received mail marked “Important Tax Document Enclosed” and realized that you needed to get some documents together for your taxes to be prepared — that’s worse than going to the dentist! And, while we should see our dentist regularly, we should also be proactive with our tax planning. It is always a good idea to follow up with your tax preparer if your tax situation changes; you have a move, a new baby, a different, job, an inheritance, or other life altering event.If none of the above situations apply to you, it is still a good idea to be organized and ready for the tax preparation. Don’t wait until early April each year to get your tax information together. Keep a file folder ready for any tax documents that arrive. It is a good idea to make up a folder at the beginning of a new year and put any tax related documents in that folder as you receive them. Did you make a donation to Goodwill? Put your receipt and the amount donated in the folder. Did you sell or buy a new home? Make copies of the settlement statements and put them in the folder. Simple things like that can make getting ready for the accountant so much simpler.Preparing for taxes is not usually greeted with warm, fuzzy feelings and neither is preparing for death. Hopefully, it will not happen for a very long time, but all of us still need to prepare for it — young or old, married or single. We do not want our families and loved ones to be overly burdened with our passing. It is difficult to deal with the loss and the gaping hole that is left, but to be completely unprepared compounds the grief and the loss for those left behind. Below are some suggestions to get started in the process of getting prepared.Write a last will and testament — it does not have to be fancy or minutely detailed, but at least get a basic will in place. There are templates that can be found online that can be used to prepare a legal will. It is a good idea to check on the legal requirements for a will in Ohio.Designate a power of attorney – choose someone you trust to be a power of attorney just in case you are unable to sign important documents. The POA does not have to be a family member or close friend. Sometimes a trusted advisor is a great option (notice the emphasis on trust)!Prepare a living will and designate a medical power of attorney — again, choose someone you trust to make decisions you would want to have made when you no longer can make them. Discuss with the MPOA your wishes and the decisions you would want to have made, too.Keep a master file of where important papers are located — insurance policies, mortgages, wills, trusts, Healthcare power of attorney, etc. Include in that list your bank accounts and safe deposit box if you have one, your broker and broker accounts, your CPA, your attorney, your financial planner, etc. Let your POA or relatives know where this file is located.Outline your funeral or memorial service — if there are certain things you want, make them known.Keep a list of your online presence — keep logins and passwords saved where a trusted family member or friend can find them.All of these items can be updated as needed. As your family grows, your last will and testament will most likely change. You may consider setting up a trust to see to the needs or your family. There are so many options. If you have questions on how to get started and what to do, contact our office. We would be happy to assist you. Brian E. Ravencraft, CPA, CGMA is a Principal with Holbrook & Manter, CPAs. Brian has been with Holbrook & Manter since 1995, primarily focusing on the areas of Tax Consulting and Management Advisory Services within several firm service areas, focusing on agri-business and closely held businesses and their owners. Holbrook & Manter is a professional services firm founded in 1919 and we are unique in that we offer the resources of a large firm without compromising the focused and responsive personal attention that each client deserves. You can reach Brian through www.HolbrookManter.comlast_img read more

Honda workers protest ‘forced long leaves’

first_imgMore than 2,000 contractual workers of Honda Motorcycles and Scooters India (HMSI) Private Limited sat on a dharna inside its Manesar plant in Sector 3 here on Tuesday — a day after 200 workers were told to proceed on a three-month leave citing economic slowdown.Around 150 police personnel were deployed inside the plant premises to prevent any law and order situation, said DCP (Manesar) Rajesh Kumar.HMSI employees’ union chief Suresh Gaur said that talks were on with the labour department and the management officials to work out a solution. “The company’s management has been illegally sacking contractual workers, asking them to go on leave for 3-4 months using slowdown as an excuse. The workers have families to support, they cannot survive without work for so long. If the management fails to find a solution, the permanent works will also join them in the protest,” said Mr. Gaur.The affected workers also staged simultaneous protest outside the plant. They claimed that around 2,000 employees had been told to go on leave over the past few months, and none of them were recalled.“It is a conspiracy to relieve the contract workers with higher wages and hire workers at lower wages. The three other plants of the company in Bangalore, Gujarat and Rajasthan are running smoothly, how come only the Manesar plant has been hit by the slowdown?,” Gulvinder, a protesting worker., demanded to know.Another worker Ajay Kumar said the workers should be suitably compensated if the company wanted to relieve them. “We must be paid one lakh rupees for each year of service offered in the company. It is difficult to get a new job at this age. Most of the workers are in their late 30s,” said Mr. Kumar.The protesters claimed that the contractual workers were given a 15-day service break every year, but this time they were being told to go on a long leave and were not being recalled. Most of the workers told to go on leave were employed for 5-10 years and worked on frame assembly.A delegation of the Centre of Indian Trade Unions, led by its Haryana president Satbir Singh, met the workers and extended support to them.In a press statement, the company said that 200 contractual members, whose term had completed, were relieved based on demand fluctuations and production adjustment. It further said that necessary recruitment would be considered on the basis of future market requirements.Additional Labour Commissioner (NCR) Manish Kumar said talks were on till late in the evening and the contractual workers were still holding a peaceful dharna inside the company premises. He said the talks were held with the plant’s head through video conferencing since he was in Switzerland, but no conclusion could be reached.last_img read more

Sachin is a mammoth of world cricket: Strauss

first_imgMany an adjective has been used to describe Sachin Tendulkar in a career spanning more than two decades and England skipper Andrew Strauss added another one, calling him a mammoth of world cricket.Strauss was all praise for Tendulkar, who scored his 47th ODI ton while batting against England at the M Chinnaswamy Stadium in Bangalore on Sunday.”He is one of the mammoths of world cricket for the last two decades,” Strauss had told reporters ahead of India-England clash in Bangalore.”The fact that he has been doing that for so long and so consistently is a great testament to his preparations,” he added.Strauss also acknowledged that there is hardly any negative point in Tendulkar and said he is a true legend. “There are normally no negative words that you can say about Tendulkar. He is absolutely a great legend,” Strauss said.In the 2003 World Cup and was honoured for making most runs (673).last_img read more