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Business Owners
Tax advantaged solutions for local business owners including, but not limited to:
Executive Benefits
The success of most businesses is tied in to the talent, passion, and work ethics of
their key executives. Executive benefit packages can help you attract, motivate, and
retain high-caliber employees and keep your company healthy and stable. We can help you
with funding non-qualified plans, supplemental employee retirement plans, split dollar
plans, and more.
Employee Benefits
Today’s labor market is competitive, and finding quality employees that have the
experience, values, and knowledge necessary for the job can be a challenge. Then, after
you’ve put your team together, you still have to figure out how to keep them motivated and
happy to be there. Offering benefits that are the right fit for your business can help to
reduce employee turnover, which in turn also helps your long-term stability. Even though
it’s an added expense, it’s typically much less than what it takes to hire, train, and
retain new employees.
We can guide you through the process of designing a custom benefits package that keeps
you competitive and doesn’t drain your wallet. We’ll show you a wide variety of services
and solutions to find the options that fit your needs and budget. Certain options can come
at little to no cost to you, such as a voluntary payroll deduction program. No matter what
your needs are or where you’re at in the process of establishing a benefits package, we
are here to help. Some of our key benefit offerings are detailed below.
Group Major
Medical Plans
Group Disability
Insurance Plans
Group Life
Insurance Plans
Group Dental
and Vision Plans
Flexible
Spending Accounts*
Voluntary
Coverage**
Retirement
Plans
Funding Buy-Sell Agreements
A buy-sell agreement is a legally binding agreement between co-owners of a business that
governs the situation if a co-owner dies or leaves the business, whether by force or by
choice. A funded cross-purchase buy-sell plan utilizes life insurance to help ensure that
the arrangement is properly funded so that there will be money if the event occurs.
Funding Deferred Compensation
Deferred compensation is a written agreement between an employer and an employee in which
the employee chooses to have part of his or her compensation withheld by the company,
invested on their behalf, and distributed to them at a predetermined point in the future.
Deferred compensation can be used as a flexible way to attract and incentivize key
employees. We provide funding strategies for deferred compensation.
Key Person Insurance
Key person life insurance offers a death benefit that helps indemnify an employer for the
loss of one of its most important assets—the key person. This can help assure continuity
of the business for employees, customers, and creditors, and protects against losses in
sales, momentum, and credit. It can also be used to assist with recruiting and developing
a replacement for the employee.
Disability and Extended Care Planning
To execute a sound retirement strategy, asset and income protection are a must. Designing
a plan that encompasses managing costs for extended periods of care and disability
insurance can help create the necessary balance in a portfolio to ensure stability and
protection of assets.
Products available through one or more carriers not affiliated with
New York Life Insurance Company, dependent on carrier authorization and product
availability in your state or locality.
Succession Planning
Succession planning allows owners to retire from their business within their own time
frame, while preparing for the company to be transferred to family members, key employees,
an outside party, or even a charity. This must be done in a way that achieves personal
financial security, maintains harmony, and achieves maximum value for the business. We can
provide financial strategies for succession planning.
Charitable Planning
Charitable planning allows you to support the organizations and causes that matter to
you, while often providing immediate income streams and reducing your tax burden. Numerous
charitable giving strategies exist, and we can help you design and execute a charitable
giving strategy that is in alignment with your personal and philanthropic goals. Please
seek tax advice from your own tax advisors.
*Please consult your own tax advisor for tax advice.
**Your participation in the payroll deduction life insurance
program is completely voluntary. Since this program is not intended to be subject to the
Employee Retirement Income Security Act of 1974(ERISA), your employer cannot contribute to or
endorse any policy offered under this program.