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Business owners with a lot of surplus cash flow often want to put it away in a qualified plan and defer taxes. The problem is that they might feel restricted by the contribution limits.
However, there is a way to set up a qualified plan and potentially contribute millions of dollars.
To learn more about this strategy, join Centura Wealth Advisory’s Sean Clark, Wealth Advisor, and Christopher Hyman, Director of Insurance Solutions, as they explain how to design such qualified plans, the types of businesses they are suited for, and any caveats to look out for.
Sean and Chris discuss:
- The difference between defined contribution and defined benefit plans
- A brief overview of how contribution limits are determined
- How the plan works from setup to maintenance to termination (especially when a business is sold)
- How to defer more money than conventional retirement savings plans (e.g., 401k, SEP IRA, etc)
- The benefits of integrating life insurance into your qualified plan
- And more