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Deferred Compensation

Posted by Mike Flynn on July 19, 2019

A nonqualified deferred compensation plan is an agreement between an employer and an executive to defer the payment and receipt of compensation to the future for services performed today. The employer makes an unsecured and unfunded promise to pay the amounts specified under the agreement to the executive at some future date...

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Using a Business to Fund Life Insurance

Posted by Mike Flynn on June 6, 2019

For owners, owner-employees, and non-owner employees, personal insurance may be funded through the business a number of different ways. Cash value life insurance, in particular, is frequently employed due to the fact that it can provide long-term insurance protection for one’s family and estate planning needs, as well as act as a tax-efficient source of retirement accumulation funds...

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Business Transfer Issues

Posted by Mike Flynn on May 21, 2019

A will directs the disposition of your assets; but, when you do not want to leave your business to your heirs, you may also need a business purchase agreement (also known as a “buy-sell”) to outline the terms by which successor owners will acquire and continue the business...

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Cross Purchase Buy Sell

Posted by Mike Flynn on April 19, 2019

A buy-sell agreement specifies how business interests will be transferred, to whom, and under what circumstances. In a cross purchase buy-sell agreement, each business owner agrees to buy the business interests of an owner who dies, becomes disabled, retires, or otherwise leaves the business. These plans are frequently funded with life insurance and disability buy-out insurance...

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Irrevocable Life Insurance Trust

Posted by Mike Flynn on March 4, 2019

Should you purchase term insurance or is permanent insurance the better buy? If you already own a term policy, should you convert it to a permanent plan, such as whole life? Or is a flexible plan such as universal life the way to go?

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Choosing the Right Insurance Mix

Posted by Mike Flynn on March 4, 2019

Should you purchase term insurance or is permanent insurance the better buy? If you already own a term policy, should you convert it to a permanent plan, such as whole life? Or is a flexible plan such as universal life the way to go?

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Key Person Life Insurance

Posted by Mike Flynn on February 7, 2018

The irrevocable life insurance trust (ILIT), when structured properly, is a staple of estate planning for high net worth families. An ILIT can provide a means to make leveraged transfers to heirs free of both estate and income tax. Ideally, the trust is drafted prior to application for and purchase of the life insurance policy that it will eventually hold as its primary asset...

 

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