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Author Archives: Matt Schiff

Author By Matt Schiff Posted on Categories Income Maximization, Life Insurance, Owner Benefits, Retirement

Life Insurance as an Asset Class

You've heard the saying, "Buy Term and invest the difference, right?" Well, in this clip, Tom Hegna explains the BASICS about Whole Life Insurance.  When combined with other tax strategies, as well as a Long Term Care Rider which is now a "standard" rider that EVERYONE should add to your policy (if old enough), it becomes an Asset that you can use your WHOLE LIFE.

If you are in your 20's, the concept is compounding. A life insurance policy purchased when young, can do the following:


  • Tax Deferred Growth of your money

  • Lifetime Insurance Protection

  • Guaranteed ability to purchase MORE every few years (without a medical exam)

  • Provide a Long Term Care Benefit

  • Placed in a trust for "special needs" care of an individual

  • Used as a Buy/Sell in the future

  • Buy a house and use the cash as a down payment (with repayment to yourself)

  • Depending on the product, may also have guaranteed lifetime income (depending on carrier).

Author By Matt Schiff Posted on Categories Deferred Compensation, Employee Retention, ESOP, Executive Benefits, Owner Benefits

Latest Trends in Executive Benefits – The SEB December 2023 Newsletter

Check out the Latest Trends in Executive Benefits in the latest Schiff Executive Benefits (SEB) Newsletter. This month, learn:


  • How to "monetize" your business while still controlling it (ESOP)

  • How to retain key employees with a deductible benefit that has a risk of forfeiture

  • Implement a Long Term Benefit on a Company wide Basis (with little to no underwriting)


 

Author By Matt Schiff Posted on Categories Uncategorized

Study Group Announcement – New Orleans – Nov 5-7th, 2023

Are you an “Independent” Corporate and/or Bank Owned Life Insurance Consultant? Do you remember the Ramsey Study Group in the late 2000’s?


Well, if you want to be part of a group of “like minded” producers who wish to learn and share knowledge with some of the brightest and best in the business, then plan on being in New Orleans, November 5th to 7th, for a fast paced knowledge summit specific to the advanced planning market of corporations and banks. Meeting will be held at the Hotel Monteleone where the latest changes to products, services, and admin platforms will be discussed. Cost savings ideas on existing plans, as well the latest designs and tax law updates will be shared.


Speakers: Mel Todd (COLI Consulting Group), Peter Ricchutti (Professor Tulane Business School), Bud Schiff (Alvarez and Marsal), Dylan Major (Pangburn Group) and MANY more.


Registration Link

Author By Matt Schiff Posted on Categories Life Insurance

What to know before buying Life Insurance


Recently the Today Show did a piece on purchasing life insurance and having a will. In this video they explain the Why, How, Costs, Types of Coverage, and who you can buy Life Insurance from.





Writing a will and buying life insurance: What you need to know (today.com)





Did you know that only 31% of people feel like they understand life insurance? Why not get educated and click on our link to the Today Show's clip to learn more. Then, come back and we can help.


Author By Matt Schiff Posted on Categories Employee Retention, Executive Benefits

Ready for the Great Talent Resignation?


Actionable Ideas to Recruit, Retain
and Reward Key Talent





In a time when more executives are walking away from their jobs, what can you do to keep them leaving during the Great Talent Recognition? Well, in this article by Andreas Stuermann, a fellow Lion Street Owner, he shares his ideas and insight into what might interest you and your staff that isn't for everyone, discretionary, and may be fully cost recvoered.





Key_Talent_Retention_During_the_Great_Resignation_SBGDownload

Author By Matt Schiff Posted on Categories Estate Planning, Owner Benefits

Estate Planning iDEAS for 2021 and Beyond


In 2021 the House Ways and Means Committee and Senate Finance Committee have drafted legislation that will dramatically change the taxes on Generational Tax Planning. Words like GRATs, CRATs, FLPs, and ILITs are effected as these "financial instruments" that are usually Grantor Trusts, or set up by a donor (grantor), are set up for long term planning. Well, today that long term planning has to change based upon these new tax rules.





Take a look at what Michael Fontanini of Lion Street highlights as potential problems for families that have these very useful instruments in place.





What_New_Legislation_Could_Mean_for_Life_Insurance_Trusts_1634675386Download

Author By Matt Schiff Posted on Categories Corporate Owned Life Insurance, Deferred Compensation, Employee Retention, Executive Benefits, Life Insurance, Retirement

Sample Phantom Stock Plan

In today's post COVID world, are you finding it hard to keep your best people happy, while making sure that you don't overpay the rank and file employees? Well maybe a Phantom Stock Plan, informally funded using key man life insurance, might be an answer.


Check out this sample program from one of our carriers, Guardian. It outlines these benefits in easy, simple to understand discussion pages, and then shows you the cash flow from the business, the benefits provided to the participant and his family in case of pre-retirement death, and the flexibility available to the company in funding this benefit, that, depending on the age and tenure of your employee, can provide a significant supplemental income at retirement that prevents them from leaving for a few extra thousand in compensation


Click on the following link for a copy of a Phantom Stock Sample.  Then, if you'd like to a have a custom design done for you or your company, give us a call at 610.292.9330 or send us an email at info@SchiffBenefits.com.



 


Author By Matt Schiff Posted on Categories Income Maximization

Income for Life



https://youtu.be/KzSqcAVlKEE
When you are closing in on retirement, the most important thing is that you have income for life. How do you do that? Well, listen to retirement expert Tom Hegna discuss the math and science behind how you can guarantee that you never run out of money regardless of market returns.




In this video, Tom Hegna discusses what an Income Annuity is. How it acts likes Social Security or a Defined Benefit Pension. And why you must have this in your portfolio as part of your "assets' in retirement, regardless of how much you have.





At Schiff Benefits Group, we help business owners and their key employees create streams of income in retirement that can't be found by just using your IRA to draw income. At the same time, we protect against a downturn in the market, a long term care event, and a death of your spouse in retirement. Send us an email or call us to learn more.


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