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  2. Business Planning

Business Planning

Develop a strategy to preserve your business and your net worth.

Effective business continuation is both an "art" and a science. First and foremost, it is an art. Because the best business plan always considers your unique financial goals and objectives, creativity and customization is required to select and tailor those strategies best suited to help meet your specific business continuation and benefit needs.

However, business continuation and benefit planning is also a science. The best business plan should take into account the tax and legal ramifications of the various financial strategies adopted. A Financial Advisor will incorporate both the art and science of business planning in a program recommended to you.

Using business dollars for personal expenses

These valuable concepts can help:

Split-dollar life insurance

Your corporation can help you pay for your own life insurance by "advancing" your money to pay the annual premium. This low-cost benefit can also be available for key employees.

Disability insurance

Your business can provide you with personal disability insurance — which continues a portion of your salary when you're unable to work — and the premiums (in most cases) are tax deductible.

Section 303 stock redemption

Your business may be able to help you pay estate taxes and settlement costs if your stock is worth more than 35 percent of your adjusted gross estate. Under a Section 303 stock redemption, the business redeems some stock from your estate to produce cash to meet your estate's obligations.

How to use employee benefits to increase income and improve retention of key employees

These concepts can help you get the most out of your benefit dollars:

Disability salary continuation planning

A salary continuation plan can help protect you, your key employees and your business from the financial consequences of a disability. If the plan is funded with disability insurance policies, premium payments are considered tax deductible as a necessary business expense.

Qualified pension and profit-sharing plans

Employee-sponsored retirement programs help employees prepare for retirement and allow them to take advantage of special tax breaks. Any contributions you make to the plan are tax deductible.

Life Rewards

Highly compensated executives are limited in the amounts they can save for retirement in qualified plans. Nonqualified plans are available through Life Rewards and allow associates to enhance their retirement benefits.

Split-Dollar insurance

Life insurance can be provided to select executives at a reduced cost through split-dollar insurance plans

Golden Executive Bonus Arrangement(GEBA)

GEBA and other executive bonus strategies provide life insurance to employees and give your company a current income tax deduction.

Personal financial analysis

This service helps employees manage their money more effectively and achieve their personal financial goals.

Group insurance

Your business can provide a variety of programs, and the tax deductions generated by the premiums you pay make the cost of these benefits even lower. Medical, disability and life insurance are the three most sought-after programs.

The Art and Science of Business Planning can help ensure the ongoing success of your business.

 

Life insurance products contain fees and expenses.  The primary reason to purchase life insurance is the death benefit.  Financial Advisors do not provide specific tax/legal advice and this information should not be considered as such.  You should always consult your tax/legal advisor regarding your own specific tax/legal situation.

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  •   1199 Raritan Road, Clark, New Jersey 07066
  •   732-340-1410
  •   Doug@wealthmanagegroup.com

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Wealth Management Group LLC. is independently owned and operated, and offers its own suite of products and services entirely independent of Securian.

Certain individuals associated with Wealth Management Group LLC. are registered with and offer securities and investment advisory services through Securian Financial Services, Inc. ("Securian"), a registered broker-dealer and investment adviser, member FINRA / SIPC. Individuals registered with Securian are authorized to offer only those securities and investment advisory services that have been specifically approved by Securian. Additional information about individuals registered with FINRA can be found on FINRA’s BrokerCheck. For information about which individuals associated with Wealth Management Group LLC. are registered with Securian, as well as information about which securities and investment advisory services such individuals are authorized to offer on Securian’s behalf, please contact Securian at 1-800-820-4205. 1837084 DOFU 07/2017

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