Financial Services for Businesses
- Overview
- Business Owner
& Executive Compensation Benefits - Succession Planning
- Employee Benefits
- Retirement & Savings Plans
- Voluntary Insurance Through Payroll Deduction
- Retirement Distribution Planning
- Estate & Family Wealth Transfer Planning
Business Owner and Executive Compensation Benefits
Business Overhead Expense
This is an insurance plan that can provide money to help you cover normal operating expenses if you can't work because of a covered illness or injury. This insurance is intended to help maintain the business, not replace disability income insurance.
Key Person
Since your business depends on key individuals for its continued success, if one dies, key employee life insurance could help you cover the cost of finding and training a replacement. It could also cover you for any outstanding business debts. This insurance is designed to help protect a business from the financial losses that can occur when a key employee dies prematurely.
Deferred Compensation
Owners and key employees could use this plan to reduce current income by deferring payment of some of their salary until retirement. There are multiple tax advantages to both the employer and the participant with a deferred compensation plan.
Split Dollar Arrangements
This is a plan where the business can assist a key employee, including you as the business owner, with the purchase of permanent life insurance. Split dollar is a highly flexible employee benefit, which allows an employer to provide valuable life insurance protection for selected employees.
Bonus Arrangements
Establishing a distinctive compensation plan can help you recruit and retain top talent. As an advantage to the business owner, you can be selective as to whom and how much to benefit a key employee and the bonus arrangement generally requires no ongoing administration or IRS approval.