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.
Ever wanted the "perfect" plan where the company gets a current deduction when the money is paid into the plan, the cash grows tax deferred, and then the participant get the money "tax free"? Well look no further. There is a plan like that available. You just have to be willing to discriminate.
It's called a Restricted Executive Bonus plan and combines to different benefits in one. It has to be done carefully to meet IRS guidelines, but is 100% legal. Nice thing is, it's not carrier or product specific, and has the flexibility as to what type of asset you want in the plan.
To learn more, give us a call or check out our Executive Bonus material. We'd be happy to design a sample for you so that you keep your best people.
What would happen if your business partner died suddenly? You'd be in business with his/her widow. Do you really want to do that?
No. Instead, you want to buy the "cheapest" insurance you can buy at the lowest cost. But many times, you need insurance for 20 or 30 years. In addition, when you pay that premium, it's gone.
What if you could have the same cash flow for a permanent policy as a term insurance policy, have the bank pay your premium, and then in the future, create a stream of income that potential buyout you or your partner in retirement? Wouldn't that be the best of all words? Well you can. You just have to be able to qualify.
Everyone should have long term care insurance. For individuals over 45, this is the one benefit that you have a 70% chance of using during your lifetime. And the most important benefit is the Coordinated Care Provider that comes with it.
Have you had trouble and need to retain you key people? Did they want to feel like they had ownership but you don't want to give up a minority interest in your company? Well, you can design a benefit for your "key" employees, that makes your best people feel like they are an owner so that they never want to leave, and you never give up control until the day that you decide to.
For more, check out our Phantom Stock articles
Would you like to know how to get a discount on your life insurance Do you like wearing your fitbit to track your steps and your workout? Well that same tech can help you save money on your life insurance with some carriers. Check out this short video about this new feature from the carriers and then give us a call. We can help you save money on something that you already need.
Watch this video and learn about the NQDC (409A) - Deferred Compensation Plans and how you can implement one easily
What does the TV show Suits have to do with a deferred compensation and an insurance consulting firm? Well, Mike Ross, while running from the cops, runs into the interview room of Harvey Specter, a Harvard Lawyer who is interviewing new associates.
During their brief encounter, Mike is quizzed on a number of legal matters, one of which is 409A. Check out this clip at 5:55 where the topic comes up.
Great overview by Eric Altholz about 4960 and the excise tax for not for profit companies.