Why Choose Legacy Life Planning for Your Employee Benefits and Pension Plans?
Retirement planning is a critical part of financial success, particularly for business owners and high-income professionals. Many financial/tax advisors focus on profit sharing 401(k) plans and cash balance plans, but we focus on defined benefit plans and benefit-focused defined benefit plans to help our clients.
We verify which option is the best for you and are happy to discuss how they fit in with your planning.
If this is something you’re considering, you should know you’ll be in good company with major corporations like IBM and Boeing, to name a few.
Our Employee Benefit and Pension Plan Services
Defined Benefit Plans
A defined-benefit plan is an employer-sponsored retirement plan where employee benefits are computed using a formula that considers several factors, such as length of employment and salary history. The company typically hires an outside investment manager to manage the plan’s investments and risk, and the plan typically provides a fixed monthly payment (like an annuity) or a lump-sum payment to the employee upon retirement.
Benefit-Focused Defined Benefit Plans
The Benefit-Focused Defined Benefit Plan is our most advanced retirement strategy, offering the largest possible deductions for business owners. This plan focuses on providing lifetime income for participants and their spouses and can also support generational wealth transfer.
Custom Plan Stacking to Maximize Benefits
Key Benefits of the Benefit-Focused Defined Benefit Plan
1. Higher Tax Deductions: This plan allows for much larger deductions compared to any traditional retirement plans.
2. Lifetime Income: The plan focuses on providing lifetime income for both the participant and their spouse, increasing financial security in retirement.
3. Generational Wealth Transfer: The assets in the plan can potentially fund the retirement benefits of family members who inherit the business.
4. Pre-Retirement Death Benefit: This plan includes a mandatory pre- retirement death benefit, often funded through uniquely designed life insurance, which further enhances tax deductions.
Who Can Benefit from Our Services?
• Business Owners: Including physicians, attorneys, and other high-income professionals seeking significant tax deductions and comprehensive employee benefits.
• High-Income Earners: Individuals with annual incomes ranging from $150,000 to $1 million who wish to optimize their retirement plans.
• Wealth Transfer Strategists: Those looking to efficiently transfer wealth to the next generation while minimizing tax liabilities.
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The Legacy Life Planning Approach to Employee Benefits
At Legacy Life Planning, we go beyond simply setting up retirement plans. We work closely with business owners to understand their goals, providing strategic advice on the best retirement solutions. Our team ensures that the plans we implement are flexible, compliant, and designed to maximize both employer and employee benefits.
*We also have employee benefit options that include services designed to assist employees with prescriptions and health needs, reduce insurance claims for the business, and provide tax benefits ranging from $400 to $900 per employee, enhancing the overall value for both employees and employers.
Start Planning Your Employee Benefits with Legacy Life Planning!
If you would like to see if defined benefit pension plans work best for you or if you would like to find out more about them, reach out today!
Our expertise in advanced pension plans ensures your business gains the financial edge it needs, while your employees receive top-tier benefits.
Areas Served
We serve the Tri-Cities in Northeast Tennessee and Southwest Virginia. This includes but is not limited to the areas below.