Entrepreneurs
There are many different benefits available to entrepreneurs. We can help you manage every financial planning aspect of your business, from retirement savings plans (specifically designed for small businesses and self-employed individuals), to employee benefit planning, and to Business Continuation Planning. We can show you how to incentivize loyalty, protect the best interests of your business, and take the pain out of change.
SEP IRA
A SEP IRA is similar to a traditional IRA, but it typically allows for higher contribution limits. SEP IRAs are for business owners, and contributions are tax-deductible. Investments grow tax-deferred until retirement when distributions are taxed as income.
Solo 401(k)
This is often an excellent choice for independent contractors and sole proprietors who earn a higher income. Depending on the amount of provable income, an individual under 50 years of age can contribute up to $58,000 (as of 2021 tax year), while any person over the age of 50 can contribute up to $64,500. In order to qualify for a solo 401(k) plan, you may not have any full-time employees other than yourself, business partners, or a spouse working for the business.
Simple IRA
A savings incentive match plan for employees or SIMPLE IRA is a kind of retirement savings plan that is tax-deferred. SIMPLE IRAs tend to be easy to set up and can be a solid option for small businesses.
Defined Benefit Plans
A defined-benefit plan is an employer-based program that pays benefits based on factors such as length of employment and salary history. Pensions are a type of defined-benefit plan. Since the employer is responsible for making investment decisions and managing the plan's investments, the employer assumes all the investment and planning risks.
Cash Balance Plans, Profit-Sharing Plans, Solo CB plans
Cash balance plans are defined benefit plans used in combination with profit-sharing plans for the purpose of maximizing retirement savings and tax deductions for business owners.
Solo Cash Balance plans are typically utilized by high-income sole proprietors. For those small businesses with employees, this can be a great way to attract and retain talent. A cash balance plan specifies the contributions that will be made to each participant in the plan and the investment earnings that will be credited back to the participant based on contributions.
Employee Benefits Planning
Employee benefits planning is designed to accomplish several important goals. It can provide workers and their families with financial protection in the event of an illness, injury, death, disability, or unemployment. It also acts as a recruitment tool and can help keep employees happy and productive.
Group Life Insurance
Group life insurance is a type of life insurance in which a single contract covers an entire group of people. Typically, the policy owner is an employer or an entity such as a labor organization, and the policy covers the employees or members of the group.
HSA Accounts
A Health Savings Account (HSA) is a tax-favored savings account that, when paired with a high-deductible health plan (HDHP), can be used to help your employees pay for qualifying medical expenses. An HSA-compatible HDHP typically has lower monthly premiums than lower-deductible health insurance plans, and contributions to an HSA may be made on a pre-tax basis, up to annual IRS limits. Both employers and employees can contribute to an HSA, and there are several benefits of using an HSA for each party contributing to the HSA.
Business Continuation Planning
Buy/Sell Agreements
A buy/ sell agreement is a legally binding contract that stipulates how a partner's share of a business may be reassigned if that partner dies or otherwise leaves the business. Most often, the buy and sell agreement stipulates that the available share be sold to the remaining partners or to the partnership.
Key person Insurance
Key person insurance is when a company purchases a life insurance policy on a specific key individual (or individuals), pays policy premiums and is the beneficiary. The company receives the employee’s death benefit in the event that they die. This is a method of risk management utilized in situations where the passing away of an employee would cause a major disruption to the business.