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The most valuable asset of the business is its employees. A key employee plays a major role in the success of the business.

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Problem: When a key employee, dies, trouble may lie ahead.

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Problem: When a key employee, dies, trouble may lie ahead.

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1. Productivity and profits could decline.
2. Customers may look elsewhere for services
3. Overhead expenses continue as revenues drop.
4. The cost and time it takes to hire and train a replacement
5. Credit may shrink or dry up completely.

The potential financial loss could be staggering!!!

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Solution: Insuring Key Employees with Living Benefits

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Solution: Insuring Key Employees with Living Benefits

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If the Key Person dies or gets sick, proceeds of the Life Insurance Policy will provide funds to the Business which can be used to pay for costs and in hiring a replacement.

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Plays a role in attracting and retaining top talent 

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Plays a role in attracting and retaining top talent 

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1. Employees you had hired and trained can be recruited by your competitor.
2. Need for competitive benefits and compensation.
3. Need for additional deductions for the business

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Solution: Offer an Executive Bonus Compensation to: 

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Solution: Offer an Executive Bonus Compensation to: 

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1. Recruit the talent you need.
2. Retain the people you hire.
3. Compensate for benefits lost under qualified plan limitations.
4. Reward talent and service
5. Retire key employees when the time comes.
6. Deduct the compensation from the company's taxes

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If the owner passes away, heirs, co-owners and employees are protected and the business has a competent successor. 

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If the owner passes away, heirs, co-owners and employees are protected and the business has a competent successor. 

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Problem:
1. When one owner dies, what happens to the co-owners'share of the business?
2. What happens to the deceased owner's family who count on income from the business?
3. Could a spouse or childen step into the business?
4. Would you want to own and operate your business with your deceased partner's spouse and children?

Solution:
Buy and sell agreement that can buy the deceased owner's share so 1.  they maintan control of the business and 2. the spouse and children receive a fair price for their fair share of the business interest.

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Scenario 2: Certain family members will take over the business

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Scenario 2: Certain family members will take over the business

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An owner wants a spouse or child to take control of the company however the other children (heirs) who are not interested in the business may want their fair share.

Solution:
A succession plan can be set up so that other members of the immediate family (who do not work in the business) receive cash instead of partial ownership. A succession plan designates which family member(s) will receive full control in the form of ownership, while non-participating family members receive their inheritance in cash.

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Scenario 3: A loyal non-owner employee can take over the business

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Scenario 3: A loyal non-owner employee can take over the business

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It is not uncommon for a business owner to groom a replacement—someone capable of stepping in and running the business.

Solution:
A succession plan can assure that (1) this employee has the right to buy the business, and (2) the money is available to make the purchase.

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Life Insurance has proven to be an effective buy and sell funding choice.
1. Proceeds are tax free.
2. Knowing the funds are guaranteed to be available provides peace of mind.
3. Minimal cost.
4. Fair and objective means to value the business.
5. Prevents delays, ill will and legal entanglements.
6. Ensures a competent successor(s) to the management of the business.

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There are many variables to consider:
1. Qualified retirement plan limits
2. Social security shortfalls
3. Inflation
4. Cost of health care
5. Market volatility
6. Tax rates
7. How much you save and how much time you have before retirement
8. How much your savings earn
9. How much you plan to spend in retirement
10. How long you live

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According to U.S. Census figures, individuals that retire at age 65 can expect to live another 25 years which means
they will need savings sufficient to generate 25 years of income during retirement.

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Impact of Caregiving and the Sandwich Generation

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Impact of Caregiving and the Sandwich Generation

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Needing to take care of a family member whether it’s a child, grandchildren aging parent, or sick spouse can impact your own financial landscape.
Anyone in the sandwich generation can attest to this. The sandwich generation stands for those who are caring physically and financially for children and aging parents at the same time. Many are women in their 40s to 60s. These women had decided to leave their jobs, work less or pass up a promotion so they can care for a sick family member. For some, this was the reason they started a business: to make an income while they are at home providing care.
This comes with challenges:
1. The income they are able to create is relatively less compared to what it would be if they didn’t have to provide care.
2. Retirement savings will be lower.
3. Women live longer than men so they need to have a higher amount of retirement savings.

The challenge then is making those savings work smarter and harder so they can last longer.

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Life Insurance is an alternate way to save for retirement outside of traditional 401ks or qualified plans where taxes are deferred.
1. Tax deferred growth
2. Tax free withdrawals
3. Tax free loans
4. Flexibility
5. No required distributions

Annuities ensure that you will never run out of money for as long as you live.
Safety
Tax-deferred growth
Yield
Lifetime income
Escapes probate

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Does life insurance have a role to play in your business? That’s something only you can decide.
There are many details to consider.

Perhaps the best place to start is to discuss your specific situation and needs with me, your trusted advisor.
Together, we can decide what the next step should be.

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Ph: 707-319-5651
Website: https://living-with-dignity.mailchimpsites.com/
Appointment calendar: https://calendly.com/sheillavidal/meet
Email: sheilla.livewithdignity@gmail.com

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Inevitably, the death of a closely-held business owner presents multiple opportunities for conflict. If there are children in the business, they need direction as to who will take over.
Children outside the business may want to get their inheritance now and not simply an interest in a closely-held company that does not pay them a dividend. Having an estate plan and updating it regularly can avoid conflicts.

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Your business is the largest single asset in your estate.
That is only one reason why estate planning, with all of its challenges and opportunities, should be a primary planning priority. If you want your business to go on after you are gone, proper planning is necessary.

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Estate planning provides executors and administrators with a blueprint of the estate owners wishes. It also assures that property which passes to heirs by contract or by law does so quickly and without delay.

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Clear directives from the estate owner can guarantee efficient estate transfer. Efficient asset transfer minimizes expenses and estate taxes, ensures estate conservation, and provides for an orderly distribution of assets.

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Provide ready cash to pay estate obligations

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Provide ready cash to pay estate obligations

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In addition to providing for the orderly disposition of assets, comprehensive estate planning strategies should also make certain that the executor has ready cash to pay estate obligations promptly, including final expenses, estate transfer taxes and administration costs, along with all of the costs associated with transferring a business interest.

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A typical estate faces 4 major sources of depletion:

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A typical estate faces 4 major sources of depletion:

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1. Probate costs
2. Inheritance tax
3. Estate tax
4. Sacrifice sales

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Life Insurance can provide liquidity and cash to :
1. pay estate and inheritance taxes
2. satisfy creditor claims
3. provide inheritance to children
4. provide capital until the company can overcome the loss of the owner.
5. settle all additonal expenses associated with transferring assets to heirs

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As a business owner you know there are a number of tax deductions available to you. By offering benefits such as health, supplemental, and retirement plan benefits, you not only attract and retain employees,  you also have more deductions that can lower your taxes this year.
Reach out to me if you need more information. I set up 401k plans for small businesses and I'm partnered with other benefits providers.
Sheilla Vidal
Independent Broker
Ph: 707-319-5651
Website: https://living-with-dignity.mailchimpsites.com/
Appointment calendar: https://calendly.com/sheillavidal/meet
Email: sheilla.livewithdignity@gmail.com