Discretionary executive benefits can be used strategically to help employers retain and reward key employees, recruit top-notch talent, and provide additional compensation to selected employees. As all employee benefits plans are governed by strict and complicated IRS regulations, executive benefit plans often have additional tax implications and other considerations. Advantage Benefits Group is dedicated to providing professional guidance when designing a comprehensive executive benefit package.
Business Succession Planning/Buy-Sell Agreements
Business Succession Planning, commonly referred to as buy-sell agreements, are plans that provide for an orderly change of ownership when a business partner or stockholder in a closely-held corporation dies or becomes disabled. Buy-sell agreements can solve many of the problems arising at death or disability of a business owner and is a critical strategy in ensuring a smooth transition when there is a death of a critical business partner. As there are two parts to business succession planning, establish the buy-sell agreement and fund the agreement, Advantage Benefits Group will help determine your needs and funding options when planning your business succession.
Key Man Insurance
Small businesses often depend on specific individuals for the company’s continuing success. In fact, some companies could not survive if one or more key individuals suddenly died or were injured and could not work. To safeguard against any financial loss due to the absence of a key employee, many companies take out “Key Man” insurance. Advantage Benefits Group will assist your organization in determining your needs and funding options for key man insurance plans.
401(k) Excess Plans
401(k) Excess Plans allow executives to defer amounts in excess of the limitations set under a typical qualified 401(k) plan. 401(k) Excess Plans offer many advantages including more flexibility for high-salaried employees allowing them to break through the limitations of a typical 401(k) plan while avoiding provisions subjected by ERISA. 401(k) Excess Plans also assist companies in retaining and recruiting key employees and talent. Advantage Benefits Group will work with your organization in designing, implementing, and administering 401(k) Excess Plans that will attract, retain, and reward key executives.
Estate Liquidity Planning
Traditional group life plans sponsored by employers provide employees with a small death benefit, usually not more than $50,000, which would have little impact on highly compensated executives. This makes Estate Liquidity Planning an important aspect of Executive Benefits Plans. Estate Liquidity Planning allows for an executive to settle his or her family’s cash needs upon his or her death. Advantage Benefits Group will provide your organization with guidance and expertise when designing and implementing Estate Liquidity
Planning for top executives.
Retirement Distribution Counseling
Required minimum distributions, or RMDs, are the minimum amounts that the IRS requires you to withdraw from certain retirement accounts each year once you retire. Although the required minimum distributions have been simplified in recent years, Advantage Benefits Group will help you make the most of the requirements while counseling you on developing a well-rounded retirement saving and distribution plan, effectively managing your assets in retirement, and appropriately planning for leaving assets to your beneficiaries.
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