Meet the Client
CLIENT: Our clients are a husband and wife ownership team who own multiple operating companies. Their primary operating company is engaged in providing oilfield services, such as, hot oil pumping, roustabout services, hydro testing, multiplexing, and frac units.
WHAT OUR CLIENT WANTED: Out clients’ primary objectives were to protect business and personal assets from potential liabilities, minimize business and personal taxes, develop an estate plan, and review employee benefits and retirement plans for them and their employees.
HOW WE MET THEIR EXPECTATIONS: TAVAS recommended a comprehensive entity structure in order to protect the client’s assets from potential lawsuits and creditors.
TAVAS recommended several tax planning strategies to reduce the clients’ tax liability. These strategies will generate over $150,000 in the first year and approximately $90,000 per year for the follow four years resulting in a five-year tax savings of over $500,000.
Additionally, TAVAS made recommendations regarding the clients’ succession and estate planning. TAVAS was able to identify areas for potential estate tax savings based on the clients’ current and estimated earnings moving forward.