Key Person Life and Key Person Disability Income Insurance
Nothing is potentially more devastating to a business than the loss of a key employee. You know their value. You know their loss would create financial hardship to your business. The question is how to value that potential financial loss and then how to indemnify your business against such an occurrence.
Business Overhead Expense Insurance
You have a highly successful business, which is built around your active participation. Without your presence, revenues will be adversely affected. Should you be unable to perform your duties, who will cover your rent, utilities, equipment lease obligations, staff salaries, and other expenses? Business Overhead Expense Insurance was specifically designed to cover these risks, should the need arise.
Business/Partnership Buy-Out Funding
No one plans to get sick or die, but the consequences of these events present a real challenge to any closely-held business or partnership. Buy-Out coverage can provide all or a portion of the funding needed to enable the remaining shareholders/partners to efficiently execute the purchase of the ill or deceased party’s business interest. This provides a cost-effective way to enable the remaining parties to maintain control and, equally as important, the affected party’s family to obtain a fair compensation for the designated business interest.
Deferred Compensation Plans
Given the low contribution limits imposed on traditional tax-deductible retirement plans (IRA, SIMPLE, 401K, etc), the inadequacy of Social Security to provide a meaningful income, and the portent of higher income taxes, it is imperative that one look to additional avenues to provide for supplemental income at retirement.
Deferred compensation arrangements are a logical place to look for supplemental retirement income creation. Your objectives, together with your corporate structure (ex. S-Corp, C-Corp) and budgetary capacity, will determine the type of plan most appropriate to your needs and objectives.
Please contact us to arrange an initial, no-obligation meeting.