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Category Archives: Owner Benefits

Author By Matt Schiff Posted on Categories Corporate Owned Life Insurance, Deferred Compensation, Education, Employee Retention, Estate Planning, Executive Benefits, Owner Benefits, Retirement, Trust Owned Life Insurance

Collaberative Practice Meeting – May 15th/16th

Are you an Attorney, Accountant, TPA, Trust Officer, Insurance Agent, Property and Casualty agent? If you work with Business Owners, and their families, then you want to be at this meeting where you will hear about how to COLLABERATE with other professionals who work with your client.

We will spend the day on Thursday, May 16th at the Fitler's Club in Philadelphia sharing a case study that is VERY relevant in today's world. How do you handle the intricacies of the family while bringing together all needed advisors to work seamlessly?

Well, we will have 20-25 attendees from different professions, coming together to discuss the challenges that they are facing with their clients in 2024. Come join us, and network with some of the best in their fields.

P.S. The night before, we have a Box at Citizens Bank Park for the game between the NY Mets and the Philadelphia Phillies (@6:40pm).

Sign up below to save your spot.

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 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 Executive Benefits, Life Insurance, Owner Benefits

Buy/Sell Insurance – How to do it for the least out of pocket



https://youtu.be/B0a_UsAAuhM
A short video about buy/sell insurance




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.


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