Congratulations to Ry Womack, recognized as the October 2024 R.I.K.I. Spotlight Award winner! 

The R.I.K.I. Spotlight is a monthly, team member-nominated recognition program to honor staff members who emulate CLH’s core values (relationships, integrity, knowledge, and innovation).  We’re proud to celebrate our team members who exemplify the values that keep our organization grounded and centered.

 

Congratulations to Victor Hernandez, recognized as September’s 2024 R.I.K.I. Spotlight Award winner! 

The R.I.K.I. Spotlight is a monthly, team member-nominated recognition program to honor staff members who emulate CLH’s core values (relationships, integrity, knowledge, and innovation).  We’re proud to celebrate our team members who exemplify the values that keep our organization grounded and centered.

Congratulations to Allison Leffert, CPA, recognized as August’s 2024 R.I.K.I. Spotlight Award winner! 

The R.I.K.I. Spotlight is a monthly, team member-nominated recognition program to honor staff members who emulate CLH’s core values (relationships, integrity, knowledge, and innovation).  We’re proud to celebrate our team members who exemplify the values that keep our organization grounded and centered.

CLH, CPAs & Consultants recently promoted three of its longtime staff to management positions in recognition of their representative performance at the firm: Edward Simokaitis, CPA, Alexia Perez, and Katherine Dibkey.

Edward Simokaitis, CPA

Edward Simokaitis, with CLH since 2017, has been promoted to Manager and has a range of experience in accounting, finance, and capital markets.  Ed is most interested in trusts, estate projects, and investments and attributes his success to close relationships with his clients. He holds a B.S. in Finance and Management from the University of Illinois at Chicago and a post-baccalaureate certificate in accounting from Indiana University Northwest. Ed has served on the boards of several maritime-related organizations, including the Following Seas Foundation and the MaRiTa Foundation for Boating Safety.

Alexia Perez

It was while she was enrolled at Purdue University that Alexia Perez joined the firm in 2017 as an intern.  She was promoted to Manager after progressing through other stages in her career.  Since then, she has developed an interest in income tax and state and local use taxation and has taken on other responsibilities in staff training and business development. She graduated with a B.S. in Accounting from Purdue University’s Krannert School of Business in 2018. In 2022, Alexia was selected to participate in the Indiana CPA Society’s Young Pros Leadership Academy (YPLA), a top-tier leadership development program for CPAs in Indiana. A lifelong Valparaiso resident, Alexia’s lively personality energizes the team and helps facilitate relationship building with other professionals in the industry and the CLH network in the Valparaiso area.

Katherine Dibkey

With 17 years’ administrative experience, Katherine Dibkey is a CLH veteran, having first joined the firm in 2011.  She was promoted to Manager of CLH’s administrative team. Her primary responsibilities include supporting the administrative team, as well as providing assistance to the IT department and aiding with electronic file management, among other responsibilities. Her educational background includes an A.S. in Computer Software Technology, which she earned from Brown Mackie College in 2008. Katy is a Michigan City native and loves the lake with its amazing beaches. She can often be found spending time with family and working on crocheting and crafting.


Favorable estate and gift tax provisions are set to expire at the end of 2025.

Tax planning for this expected sunset is a must.


Among other provisions, the TCJA provided 10 years of tax relief by almost doubling the estate and gift tax exemptions from its previous levels, adjusted each year for inflation. These elevated exemptions are set to expire and be reset in 2026:
INDIVIDUALS
  • 2017: $5.5 million
  • 2024: $13.6 million
  • 2026: estimated $7 million, adjusted for inflation
MARRIED COUPLES
  • 2017: $11.1 million
  • 2024: $27.22 million
  • 2026: estimated $14 million, adjusted for inflation
INHERITANCE TAX RATES
Inheritance tax rates are progressive and are not scheduled to sunset:
  • Taxable estates of $1-10,000: start at 18%
  • Taxable estates over $1,000,000: 40%

Estate planning starts NOW!


Theoretically, yes, everyone IS affected. Regardless of individual age or estate value, everyone should have an estate plan.
ESTATE PLANNING CONSIDERATIONS
  • Do you want specific assets to go to specific individuals?
  • Do you want the state to decide who receives your assets?
  • Do you want someone to be able to handle your financial affairs if incapacitated?
  • Do you have specific guardians in mind for the care of minor children?
  • Do you want to minimize costs to your heirs?
  • Do you have medical directives your heirs should be aware of?
 
ESSENTIAL ESTATE PLANNING DOCUMENTS

Regardless of an estate’s value, we recommend everyone plans for their estate:

  • Preparing wills and possibly establishing a living trust
  • Designating beneficiaries on life insurance policies and retirement income plans
  • Determining power of attorney and designating individual(s) to handle financial affairs
  • Establishing advance healthcare directives
  • Appointing guardians for the care of minor children
  • Other considerations, as applicable

Preparing these documents and making these decisions for the first time is just the first step.

It’s important that these plans and documents be periodically reviewed and adjusted as major life changes occur.


If you don’t plan, someone else will.


If you have a taxable estate over $7 million, it’s time to do some additional strategic planning. Under reduced exemptions, some estates will become taxable and others will be subject to a considerable tax increase due to the reduced exemptions and could substantially decrease the value of your estate.
COMPARATIVE EXAMPLE
Let’s look at an example showing the difference between the current and projected estate tax exemption limits. A married couple makes advanced gifts to reduce the taxability of their estate:

As some states also have estate tax with varying exemption levels, estate planning should also take into account an impact on the state level.  
PLANNING WITH PROFESSIONALS
Start your estate planning with the appropriate professionals. It is recommended to contact professionals as soon as possible to begin estate planning, as their services will be in high demand and their time will become even more limited.
  • CPA
  • Attorney
  • Investment advisor
  • Business valuation analyst
  • Others important to your estate planning, such as family or heirs
 
KEY PLANNING POINTS
What might be some of the first steps you and your professional services team do to plan for your estate?
  • Value assets at fair market value
  • Determine assets that will have significant appreciation
  • Conduct financial planning and cash flow analysis to best determine how to maintain lifestyle
Employ strategies to leverage inheritance funds:
  • Take advantage of higher exemption now
  • Use the gift tax exclusion of $18,000 (individuals, 2024) / $36,000 (married, 2024) to one (1) individual. Easiest way? Give direct cash gifts.
  • Gift low basis, appreciated stock to charitable organization or charitable donor fund
  • Set up one or more irrevocable trusts and transfer assets to the trust (note: this approach will vary based on individual facts and circumstances)
  • Set up a charitable trust and transfer assets to the trust
 
“CLAWBACK” CONCERNS
Isn’t there a risk that completed, tax-free gifts made at the higher, more favorable exemption levels will become taxable or “clawed back” if the exemption level later decreases? We have good news for you: No. The IRS adopted an “anti-clawback” rule stating that completed gifts that made before January 1, 2026, and were tax-free, will not be “clawed back” or subject to tax.

CLH, CPAs & Consultants recently expanded their administrative team, adding Audrey Cable and Audrey Byers to their Michigan City and La Porte offices, a move designed to strengthen its organizational core by onboarding fresh operational talent.

Audrey Cable

Audrey Cable comes to CLH with a background in operational and sales experience in the automotive industry.  She considers herself a go-getter who is always up for a challenge.  Audrey, who graduated La Porte High School in 2019, is applying her existing skill sets in new ways at CLH’s Michigan City office in the role of Front Office Coordinator. She leverages her outgoing personality to cultivate connections with clients and colleagues alike.

Audrey Byers

Audrey Byers is serving in the same role, but at CLH’s La Porte location.  A 2023 graduate of New Prairie High School, Audrey is now pursuing a business degree at Ivy Tech. She has a background in customer care in the retail and veterinary industries and enjoys volunteering with a foster care support program to raise funds for Benchmark Family Services in Mishawaka.  She finds her introverted nature helps her remain in tune with client and team member needs.

“We’re thrilled to welcome Audrey Cable and Audrey Byers to our growing administrative team,” said Gretchen Kalk-Castro, CPA and Partner at CLH. “At our firm, we don’t just hire employees, but the whole person.  We’re excited about the fresh perspectives they bring to the table.”

Kylee Fraze Norman, CPA and Partner at CLH, agreed. “Our firm is committed to fostering the next generation of leaders in all roles.  By investing in Audrey C. and Audrey B.’s development, we aim to prepare them for today’s challenges and empower them to shape the future of CLH,” she remarked.

CLH’s administrative team is tasked with keeping the firm’s operations efficient.  Administrative staff assist with a wide range of responsibilities, including managing client inquiries, providing clients with deliverables, executing signatures on essential documents, and supporting their respective office teams.

Congratulations to Katy Dibkey, recognized as July’s 2024 R.I.K.I. Spotlight Award winner! 

The R.I.K.I. Spotlight is a monthly, team member-nominated recognition program to honor staff members who emulate CLH’s core values (relationships, integrity, knowledge, and innovation).  We’re proud to celebrate our team members who exemplify the values that keep our organization grounded and centered.

Congratulations to Sue Armstrong, recognized as June’s 2024 R.I.K.I. Spotlight Award winner! 

 

The R.I.K.I. Spotlight is a monthly, team member-nominated recognition program to honor staff members who emulate CLH’s core values (relationships, integrity, knowledge, and innovation).  We’re proud to celebrate our team members who exemplify the values that keep our organization grounded and centered.

Congratulations to Jordan Sheets, recognized as May’s 2024 R.I.K.I. Spotlight Award winner! 

The R.I.K.I. Spotlight is a monthly, team member-nominated recognition program to honor staff members who emulate CLH’s core values (relationships, integrity, knowledge, and innovation).  We’re proud to celebrate our team members who exemplify the values that keep our organization grounded and centered.

Visa & Mastercard settled a class action lawsuit claiming business owners were charged excessive fees to accept credit card payments between 2004-2019.

Claimants will share in the distribution of a settlement fund of $5.54 billion, pro rata on all claims filed.

Claims exclude consumers who solely used Visa / Mastercard as forms of payment.

Claims need to be timely filed by May 31, 2024  August 30, 2024 (extended as of May 14, 2024).

CLH can file a claim on behalf of existing clients.

Interested to have CLH file your claim?  Learn more.