Estate & Trust Planning & Administration

Networking with Other Business Professionals

Over the past 80 years, JGS has established an extensive network of professional services in a wide variety of industries. Our “network” includes seasoned professionals who have successfully worked with our clients in fields such as law, insurance, retirement plan planning and administration, health insurance, auto and equipment leasing, fleet maintenance, information technology design, investment advisory services, bank financing and many more.

Employee Benefit Plan Audits

JGS performs full-scope and limited-scope audits for defined contribution plans (401(k), profit sharing, ESOP), defined benefit plans (pension and cash balance), and health and welfare plans. JGS’ experienced employee benefit plan audit team has dedicated professionals with extensive knowledge of IRS, DOL and PBGC rules.

JGS works closely with your plan sponsor, plan administrator, actuary, or third-party service provider to organize and maintain the plan’s records and to design an audit strategy that will allow for a highly efficient process, thus limiting your staff’s time used in the audit process.

Generally, benefit plans with over 100 participants are required to obtain an independent audit report on the plan’s financial statements to avoid IRS and DOL penalties and to maintain the plan’s integrity. A quality employee benefit plan audit helps to ensure that a company’s employee’s retirement, health, and other fringe benefits will be protected.

Your benefit plan audit helps to verify that:

Plan Assets are Correctly Valued
Contributions to Accounts have been Received
Company’s Obligations to Participants are Clearly Stated
Transactions are Performed within ERISA Boundaries
Tax Status is Maintained
Periodic Review of Loan, Salary Deferral, and Withdrawal Transactions

Fraud Detection & Prevention

The cost of fraud is estimated to be 7% of annual organizational revenues and translates into $994 billion annually in the United States alone*. If you are a victim, we have a team, led by a Certified Fraud Examiner, ready to assist you in determining who committed the theft against your company and the amount of that theft. But more importantly, we have a team available to give you suggestions on how to improve your internal accounting controls and help deter fraud from happening in the first place. We can also provide you with a fraud risk assessment of your organization and design programs to include fraud deterrent policies and procedures.

The JGS team led by a Certified Fraud Examiner (CFE) offers the knowledge and skills to:

Investigate or Resolve Allegations or Suspicions of Fraud
Examine the Discrepancies
Determine the Dollar Amount of the Damages
Conduct Interviews of Fraud Suspects
Assist in the Recovery of Fraud Losses
Provide Expert Testimony on Financial and Investigative Matters

* Association of Certified Fraud Examiners, 2008 Report to the Nation on Occupational Fraud and Abuse, Austin, TX, 2008,

Business Consulting & Mgmt Advisory Services

At JGS, we draw upon a rich history of over 80 years of experience, allowing us to reach beyond the numbers and into intricate business and operational matters. We have been solving business problems and revealing business opportunities for our clients in a wide variety of industries. Many of our clients have been with us for three and four generations of business ownership. These businesses work with us because of our proven expertise, judgment and guidance towards formidable, intelligent business practices and solutions. We feel that accountants are more than just preparers of tax returns. Rather, we are creative thinkers ready to support your business needs with strategic planning, vision and innovation.

Our consulting and advisory services include:

Benchmarking of your Business Against Trends in your Industry
Assist with the Selection & Implementation of Accounting Software
Budgeting, Forecasting and Comparison to Actual
Financial Ratio and Trend Analysis
Strategic Analysis and Planning
Review of Internal Accounting Systems
Business Entity Selection
Employee Compensation Planning
Review of Staffing Needs
Advise on Organizational Structure Plan and Development
Assistance with Business Relationships

Restructuring Troubled Companies

When financial stress strikes a business, management often considers liquidation or bankruptcy. At JGS, we offer experienced financial professionals who can move quickly to evaluate companies in this situation, working to determine if the company can be profitable and management confidence can be restored.

Our restructuring services include:

Cash Flow Analysis
Debt Refinancing Options
Financial Forecasts and Projections
Identification of Profit Centers and Loss Leaders
Management Team Consulting

Business Valuation

Business Valuations are necessary to address a wide variety of needs. Our team, led by a team member who is Accredited in Business Valuation (ABV), performs business valuations for use in marital dissolution, litigation, mergers and acquisitions, estate planning and business successions. Coupled with our forensic accounting team, we provide a powerful due diligence service for anyone thinking about buying a business or involved in shareholder litigation.

Other uses of Business Valuations, are establishing a value for:

Buy/Sell Agreements
Estate and Gift Tax Considerations
Divorce
Family Limited Partnerships including Lack of Marketability Discounts
Dissenting Shareholder Actions
Rebuttal to Opposing Valuation Reports for IRS and Court Proceedings

Litigation Support/ Forensic Accounting

At JGS, we offer a team with professional credentials, including a forensic accounting staff that includes team members who are Certified in Financial Forensics and Certified Fraud Examiners. We also have business valuation professionals who are Accredited in Business Valuation, tax experts and other financial services experts that can assist you and your lawyer in developing the best presentation of the facts for your case.

Our varied experience and training in financial matters involving litigation provide our clients and their attorneys with competent support both in forensic and litigation matters. Whether you are a litigator (attorney) or litigant (party to a lawsuit), we have the breadth of services to assist you.

Many attorneys have hired JGS based on our professional credentials and our notable experience.

Our experience includes:

Assisting Attorneys as Expert Witnesses
Assisting Attorneys with Case Strategies
Business Valuations
Forensic Auditing
Fraud Examinations and Investigations
Loss of Income Calculations
Loss of Value Calculations
Divorce Settlements and Support Calculations
Equitable Distribution Proceedings
Preparation and Presentation of Financial Information
Attendance at and Assistance with Depositions
Preparation of Interrogatories
Review and Preparation of Document Requests

Retirement Planning

Many people don’t realize the importance of retirement planning at an early age. At JGS, we talk about retirement plans and goals at the very beginning of our client relationship. We want to know both the immediate and long-term goals for your business, as well as, your personal goals and vision for your retirement years.

Ultimately, our objective is to provide you with the amount of disposable income you will need to enjoy retirement. At JGS, we have developed a proprietary model that shows our clients forecasted outcomes based upon certain assumptions and lifestyle changes. We then tailor a plan for you to meet your goals giving you the ability to adjust your plan given unexpected circumstances. This unique approach has provided our clients with healthy retirement plans and security for years to come.

Retirement Planning is also used to assist in decisions regarding estate planning, life insurance, and gifting, prioritizing use of assets to fund annual cash needs and tax planning.

Refinancing & Banking Relationships

When financing services are needed, JGS will work with you to find the best financial institution to meet your needs. We have established relationships with many lenders and have been working closely with them over the past 80 years. These relationships provide us with the opportunity to best position your business to the lender, including the complexities and nuances of your business, such that you receive the best financial package possible.

Our refinancing services include:

Assistance in the Preparation of Paperwork
Analysis of the Lenders Proposal
Evaluation and Negotiation of the Financing Terms
Assistance with the Purchase or Lease of Business Equipment & Vehicles

Business Acquisition

Businesses grow in a variety of ways, but many grow through acquisition of other businesses. At JGS, we have been helping our clients grow through business acquisitions for decades. We have successfully guided our clients through acquisitions to produce more profitable businesses, and as a result, have effectively assisted in restructuring their operations.

Our acquisitions support includes:

Planning of your Company’s Future Growth Potential
Positioning your Company for Acquisition- Direct Purchase or Financing
Performance of Business Valuations to determine Fair Value of the Business
Performance of Financial Statement Overlays of Both Businesses
To Determine the Added Value of the Acquisition
Evaluation of Management Team Abilities/Skills Given Newly Formed Business
Evaluation of Financing Options
Negotiation of Final Purchase Price
Evaluations of Tax Implications
Financial Forecasting

Succession Planning

In family businesses, business owners often wish for the entity to continue after their retirement, either to another family member or to a key employee. Succession planning is among the most important and least accomplished tasks in many privately held businesses, as many fail to plan for such an event. JGS has assisted many of our clients in successfully implementing succession models, which ensures the company’s longevity. We have set up many of these plans over the decades to the complete satisfaction of our clients. We have, in some cases, worked with 4 generations of family ownership.

Areas of Consideration in Succession Planning:

To whom will you transfer the ownership of your business?

Family
Insiders (employees)
Outsiders

How much is it worth? Is a business valuation necessary?

How will the transfer be financed?

Cash
Seller-held financing
Gifting
Life Insurance
A combination of the above

How will the transfer be taxed?

Ordinary Income
Capital Gain
Gift Tax
Estate Tax
A combination of the above

JGS has dedicated staff that work with attorneys in creating estate and trust plans in order to carry out your wishes and minimize estate taxes. We have the personnel who can also assist the estate’s administrator (executor) in fulfilling their duties.

Our services related to estates and trust include; but are not limited to:

Estate Planning

To minimize Estate and Gift taxes
As part of a Business Succession Plan
As part of a Retirement Plan
As part of a Lifetime Gifting Plan

Trust, Tax & Accounting Services

Income & Estate Tax Planning
Fiduciary Income Tax Return Preparation
Distribution Calculations
Preparation of Accountings

We have expertise in many types of trusts, including but not limited to:

Revocable Trusts
Grantor Trusts
Life Insurance Trusts
Generation Skipping Trusts
Charitable Trusts
Personal Residence Trusts
Testamentary Trusts

Estate Tax Return Preparation & Related Tax Planning

Income Tax Planning for Estate & Beneficiaries
Distribution Planning
Post Mortem Tax Planning for Executor & Beneficiaries
Preparation of Accounting

Accounting and Auditing

JGS provides all the traditional services you have come to expect from quality CPA’s. In addition, we go one step further, helping you to understand the meaning and application of the numbers. We work with you, providing you with accounting services that help you manage your business day to day, from recommending improvements to assisting with the purchase of new equipment. We are here to listen to your needs and provide you with the information you need to make financially sound business decisions.

Together, we can best determine your accounting needs in order to save you time and money.

Our accounting and auditing services include:

Audit, Review and Compilation of Financial Statements
Agreed upon Procedures where you define the services you need.
A Dedicated Audit Team (So you won’t be seeing new faces year after year.)
Budgeting and Forecasting

Tax Preparation and Planning

At JGS, we understand the complexities of timely tax preparation, tax laws and tax management. We also understand the necessity of proper tax planning throughout the year for the development and implementation of effective tax strategies for you and your business.

As specialists, our goal is to assist our clients in taking advantage of available opportunities to ease tax obligations. To do so, JGS works with you in evaluating these opportunities, determining the best way to manage tax obligations given your lifestyle. Our strengths allow us to effectively develop a tax plan incorporating all aspects of your life -personal, business and family. We stay current with ever-changing tax legislation and focus on detailed planning throughout the year. Proper tax management provides for sound guidance, reliable advice and proper year- end tax projections.

Our planning, strategy and tax services in this area include:

Individual Income Tax
Estates and Trusts
Retirement
Business Tax and Compliance
Family Limited Partnerships
Wealth Management
Transfer of Wealth