What does estate planning for a business look like?
When we are a solopreneur or run a small business, we assume the world of IRAs, 401k's and such are limited for use in corporations. Folks with much much more money and large HR departments have these tools to themselves, right? No, not really.
One of the best ways to save a bunch of money--often dollar for dollar saved-- is by setting up a retirement plan for you, primarily. Yes, even if it is just you as the sole employee, this can work beautifully. What about small businesses with 15,32 or 46 employees? Yes, programs can be crafted for these groups too.
Cath Shaw Insure works with registered and experienced Third Party Administrators (TPA). Together with your CPA (or one provided for you as part of the process), we will take you through how to save on taxes, step by step.
TPAs will craft a plan to:
1. Save significant money on taxes for you, year after year
2. Allow you to contribute more than what a ROTH or a SEP limits you to saving
3. Set up a way to defer taxes on income until you retire
4. Retain sought-after and key employees with a benefit that competitors don't offer.
5. Solidify a way to pay for care during a chronic or severe illness of business owners. This lessens the challenge of business growth and viability if the unthinkable happens. As they say-- plan for the worst and hope for the best!
How do I begin?
Contact our staff at 423.521-5877. We will set up an appointment to talk about your personal goals, company goals and what you want to see for your retirement. We will get key information either from you or your CPA to begin the process with the TPA.
Send us a text or a voicemail today at 423-521-5877, and we will book a time to help you.
