Business owners who intend to leave their successful business to one or more children should consider an insured Section 303 stock redemption plan for estate tax purposes. No one wants to give the government more of their hard-earned money than legally obligated. If planned correctly, an owner of a closely held corporation can reduce … Continue reading Handing a Business Down? Use This Stock Redemption Plan
For business owners, leaving a legacy behind for their children is often a driving factor. Leaving that legacy to chance is not. If the owner of a business passes away, often, the family will have to borrow the cash needed to pay for funeral expenses, taxes on the estate, and ordinary income taxation of stock … Continue reading Can Life Insurance Help Protect Your Legacy?
Businesses looking to attract and retain loyal and valued employees often need to use more than salary alone. A qualified retirement plan can enhance an employee’s benefits package. The self-made, vastly successful businessman Andrew Carnegie summed up how to run a successful business, “Take away my factories, my plants; take away my railroads, my ships, … Continue reading How to Attract the Best Employees with Qualified Retirement Plans
Let's take a comprehensive look at the various components of an owner-only 401(k) savings plan and how both employers and employees can benefit. Contributions to an Owner-Only 401(k) Plan Employer – Contributions by the business to the plan are tax-deductible in the year made, up to specified maximum amounts. In addition, employer contributions are not … Continue reading A Complete Review of the Best Owner-Only 401(k) Plans
As mentioned in the previous article, two problems that smaller corporations face when competing with larger companies are hiring and retaining key employees, and inadequate retirement benefits offered to key employees and owners. There is a common solution to this problem: A Selective Executive Retirement Plan (SERP). SERP Benefits and Funding A SERP is tailor-made … Continue reading Small Business: Utilizing SERPs to Compete with Corporations
Smaller corporations often face two problems: the hiring and retention of key employees, and an inadequate retirement benefits payable to owners and key employees. The solution to this problem can be a selective executive retirement plan. Most prosperous businesses have one or more crucial employees who are largely responsible for the success of the corporation. … Continue reading A Small Business’ Solution to Long-Term Success
A person’s earning power is the most powerful asset they own. When both adults in a family are contributing to the family income, the results can be astounding. For example, if a 30-year-old couple makes a combined income of $100,000 per year without any raises, in the course of 30 years, they will earn over … Continue reading Preserve Your Retirement Assets With A Long-Term Care Review