Personal Financial Services
Having the ability to retire comfortably and free from financial pressures remains the main issue for our clients. It is critical that the retirement plan be properly designed, implemented, communicated and administered. The appropriateness of a “qualified” or “non-qualified” plan for any individual is determined based on the individual’s existing financial condition, as well as on his or her goals and dreams.
We use a holistic approach to retirement planning. Our goal is to maximize our clients’ retirement income. This involves coordinating a client’s 401(k)’s, IRA’s, pensions, non-qualified investment and savings accounts, life insurance coverages, annuities and long-term care coverages.
Life insurance is an important part of a complete financial plan. It protects your heirs in the event of your death, and it can protect you in the event of a disability. Life insurance can be utilized as a source of tax-free retirement income and coordinated with qualified retirement plans to increase a client’s retirement income. We can help you determine what type of coverage is best for you. As an independent insurance broker we have access to products from over 100 insurance carriers. With our strategic partners, we find the best insurance products at the lowest rates to meet our clients’ needs. The products we offer include term life, whole life, universal life, survivor-ship, single premium, and indexed universal life policies. As we build a relationship based on trust with our clients, we are in a unique position to provide guidance and determine which insurance products are best for them.
An annuity is a contract between a person and an insurance company that can be
used as part of a retirement strategy, and can provide a wide variety of benefits
including growth, tax deferral, market upside without the downside and income
People typically purchase annuities for one or more of the following reasons:
1. Guaranteed income for life-for single or joint life
2. Principal-protected growth
3. Legacy for beneficiaries
There are four main types of annuities:
1. Fixed annuity
2. Immediate annuity
3. Variable annuity
4. Fixed indexed annuity
Disability insurance is purchased to pay a monthly benefit to an individual in the event of an accident or sickness, to help replace earnings lost. In most cases the benefits are paid tax-free. There is a maximum limit on the amount of disability insurance one can purchase, usually up to 60% of a person’s gross income.
For professionals including physicians, dentists and attorneys a disability policy will cover you in your specific specialty.
Most policies start paying disability income benefits after 90 days of disability, and benefits can be paid up to age 65, 67 or full life. For younger people we recommend cost-of-living riders and future purchase option riders.
There are disability insurance policies that insure one’s 401(k) and pension contributions policies that cover key employees in the event that they suffer a disability and policies to cover the overhead expenses if the business owner suffers a disability.
Long Term Care Insurance
There’s a good chance that you may need to pay for nursing home, assisted living or home health care one day. In fact, more than half of the U.S. population will require long-term care at some point in their lives. Long-term care involves helping you with the most intimate aspects of your life, like what and where you’ll eat and your personal hygiene. Unfortunately, this kind of care is expensive. You probably shouldn’t assume that Uncle Sam will help. Medicare does not cover most long-term care costs. Medicaid benefits are only available to you when you’ve depleted all of your assets. We will help you protect yourself against long-term care expenses with the appropriate coverage.
Social Security Planning
Social security benefits are an important component of an overall retirement plan for individuals and couples. When you decide to claim your social security benefits is one of the most critical financial decisions you will ever make. The rules regarding social security benefits are complicated and we can help you with your decision of when to file for benefits. Our planning process will show you (or you and your spouse) the optimal time to file for your benefits.
Business Financial Services
Group Health Insurance, Group Long Term Disability and Group Life
Providing an employee benefits package that includes quality, affordable health care coverage continues to be one of the greatest challenges for today’s employers. We put our considerable experience in this field to work on delivering alternatives to our clients. We evaluate the design of different benefits packages to achieve the best pricing structure and advice on implementing such options as cafeteria plans that allow for employee cost-sharing through tax deductible contributions. As well, we administer the benefits program, assisting employers with the claims filing procedure.
Offering Group Long Term Disability and Group Life plan to your employees is an important component of a comprehensive benefits package. Costs can vary greatly for these plans, and we do the research and analysis to make sure you are getting the best coverage at the lowest premiums for you and your employees.
A Buy-Sell Agreement is simply a written agreement made between the partner or shareholders of the business specifying buy out provisions caused by such things as death, disability, divorce, bankruptcy, voluntary termination, company dissolution, etc. The execution of a Buy-Sell Agreement secures a number of very tangible benefits for the shareholders, including:
• Continuity of management and control for the remaining owners
• A ready market for typically non-marketable business interests
• Liquidity to the decedent’s estate for estate taxes and administration costs
• A fair valuation of the business interest for federal estate tax purposes
• A fair return to the decedent’s estate for his/her business interests
Business Succession Planning
A key goal of many of our business owner clients is to someday transfer their business interest to either family members or key employees. Properly done, this type of planning can offer to both the current and successor owner a worry free, tax efficient method of business succession.
Furthermore, the loss of a business owner through death or disability can catch even the most efficiently managed small companies off guard and, worse, unprepared to deal with the repercussions. Family businesses, in particular, are susceptible to erosion of capital due to estate taxes and legal fees; not to mention the possible hurdles of voting control being scattered among heirs, with conflicting points of view impeding the business’ operation and growth.
We can provide a professional evaluation of your current situation that will help avoid future problems involved in business succession planning.
Risk Management Analysis
Implementing a risk management program is fundamental to a company’s ability to protect itself against the loss of key personnel through death or disabling injury or sickness. We offer expertise on selecting life and disability insurance coverage for such a program.
We conduct a financial security analysis to determine the appropriate protection for companies and their key executives, which encompasses evaluating risk management needs and balancing them with living or wealth accumulation objectives. We design risk management programs to be affordable, to fill corporate and individual needs, and to be flexible enough to allow for a change as needs change. Our analysis also involves a review of any existing coverage to ensure it is cost effective and includes up-to-date features.
Through risk management analysis, we can deliver solutions in the form of policies priced and designed according to our clients’ needs.