A company that creates and services employee benefit programs
• Business Continuation & Acquisition Planning • Financial Planning & Retirement Planning Defined Benefit Plans - A plan that is designed to provide participants with a definite benefit at retirement. The benefit formula is specified in the plan's documentation. An actuary calculates plan contributions. The calculations are based on the benefits provided, participant ages, and other factors and assumptions. Defined Benefit plans include both traditional benefit formulas and non-traditional arrangements, such as cash balance. Defined Contribution Plan - A plan that provides an individual account for each participant. Most Defined Contribution plans have discretionary contributions. However, there are a small number of defined contribution plans that provide for a mandatory contribution formula such as a Money Purchase Plan or a Target Benefit Plan. Profit Sharing Plan - A type of defined contribution plan under which the employer agrees to make discretionary contributions (usually out of profits). Retirement benefits are based on the amount in the participant's individual account balance at retirement. The account balance depends on contributions made and earnings credited through the years. Money Purchase Pension Plan - A type of defined contribution plan under which the employer contribution is mandatory, defined by the plan document, and is usually based on participant compensation. Retirement benefits under the plan are based on the amount in the participant's individual account balance at retirement. The account balance depends on contributions made and earnings credited through the years. Target Benefit Plan - A cross between a defined benefit plan and a money purchase plan. Similar to a defined benefit plan, the annual contribution is determined calculating an amount to accumulate a fund sufficient to pay a targeted retirement benefit to each participant on reaching retirement. Similar to a money purchase plan, though, contributions are allocated to separate accounts maintained for each participant and are subject to limitations specific to defined contribution plans. The account balance depends on contributions made and earnings credited through the years. Actual retirement benefits will differ from the "target", and are based on the amount in the participant's individual account balance at retirement. Cross-Test & Age-Weight Plans - These plans generally have complex formulas for allocating contributions under a profit sharing arrangement. Depending on the actual plan's formula, the allocation may be based on age, compensation, employee classification, service, or a combination of these factors. The account balance depends on contributions made and earnings credited through the years. Cash or Deferred Section 401(k) Plans - An arrangement (defined by Internal Revenue Code Section 401(k)) under which a covered employee can elect to defer income by making pretax contributions to a profit sharing or stock bonus plan. A 401(k) plan may also provide for matching contributions and/or profit sharing contributions. Employee Stock Ownership Plan (ESOP) - A profit sharing, stock bonus, or (rarely) a money purchase pension plan, the funds of which must be invested primarily in employer company stock. Unlike other plans, an ESOP may borrow from the employer or use the employer's credit to acquire company stock. Complex rules govern such transactions, however. Distribution Planning - Evaluating IRA rollover options, including beneficiary designations, to most effectively meet retirement income goals, while minimizing income and estate taxes. Business Continuation & Acquisition Planning - Looks at the special needs of business owners relating to buy/sell issues in the event of death or disability of an owner or key personnel; analyzing the proper ownership of insurance products to provide the appropriate funding of buy/sell agreements; planning for the most tax efficient sale or purchase of a business Family Succession Planning - Deals with the many issues of closely-held, family owned businesses. Looks at most effective ways to ultimately transfer the business to the younger generation, from both a tax viewpoint as well estate planning issues, i.e. equalizing transfer of wealth to children who may not be participating in the business. See our Family Matters presentation – Preserving the Family-Owned Business” by clicking on the link provided.
Individual Estate Planning - Reviewing and/or implementing Wills and Trusts; evaluating potential estate tax liabilities for the most tax-efficient transfer of wealth; structuring assets to avoid need for guardianship in the event of incapacity; planning for continuity of investment management of assets; planning for children with special needs. Financial Planning & Retirement Planning - Comprehensive review of complete financial situation with the goal of maximizing accumulation of wealth and minimizing taxes to provide financial security for retirement. This review includes but is not limited to tax planning, education funding analysis, retirement income analysis, retirement distribution planning, investment management, estate planning, and reviews of all insurance coverage. Two special categories within this comprehensive plan include the following: Asset Protection - Evaluates potential liability exposure and provides for structuring one's assets to minimize availability to creditors in the event of lawsuits, before it becomes an issue. Business Exit Planning -- A comprehensive seven step process with custom designed retirement exit strategies, that include financial, estate, tax and business succession plans which allow the business owner to exit the business in style, retaining maximum wealth, leaving nothing behind but the stress. This process allows business owners to avoid the six planning mistakes that can kill a business:
These services are provided by our affiliate firm, Strategic Wealth Accumulation Team, LLC (SWAT). Further info can be obtained through our link to SWAT on the Links section.
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