Business Solutions

The success of most businesses is tied in to the talent, passion, and work ethics of their key executives. Executive benefit packages can help you attract, motivate, and retain high-caliber employees and keep your company healthy and stable. We can help you with funding non-qualified plans, supplemental employee retirement plans, split dollar plans, and more.

Succession planning allows owners to retire from their business within their own time frame, while preparing for the company to be transferred to family members, key employees, an outside party, or even a charity. This must be done in a way that achieves personal financial security, maintains harmony, and achieves maximum value for the business. We can provide financial strategies for succession planning.

Key person life insurance offers a death benefit that helps indemnify an employer for the loss of one of its most important assets—the key person. This can help assure continuity of the business for employees, customers, and creditors, and protects against losses in sales, momentum, and credit. It can also be used to assist with recruiting and developing a replacement for the employee.

When you leave a job or retire, you have a decision to make regarding your 401(k) money. While leaving those assets in the former employer's plan is an option, a rollover can be a consideration. Working with your tax advisor, we can help you determine the right course of action for you. This may include: leaving the funds in your existing plan, if permitted, or rolling them into your new employer's plan, if one is available and rollovers are permitted. Each choice offers advantages and disadvantages, depending on your specific needs and retirement plan, such as the desired investment options and services, applicable fees, expenses, and withdrawal options, as well as required minimum distributions and tax treatment of applicable options.

Neither New York Life Insurance Company nor its agents offer tax advice.

A buy-sell agreement is a legally binding agreement between co-owners of a business that governs the situation if a co-owner dies or leaves the business, whether by force or by choice. A funded cross-purchase buy-sell plan utilizes life insurance to help ensure that the arrangement is properly funded so that there will be money if the event occurs.

Deferred compensation is a written agreement between an employer and an employee in which the employee chooses to have part of his or her compensation withheld by the company, invested on their behalf, and distributed to them at a predetermined point in the future. Deferred compensation can be used as a flexible way to attract and incentivize key employees. We provide funding strategies for deferred compensation.