Business Owner Retirement PlansJuly 7, 2017
New Comparability Profit Sharing PlansJuly 7, 2017
412(e)(3) Defined Benefit Plan
A good candidate for this plan design is an independent contractor with few employees (or none) who is earning a very high income.
This plan design allows the largest possible deductions for the business owner, and it liberates owners from the contribution limitations of 401(k) and profit sharing plans. There is little flexibility in the contribution level each year. All benefits must be guaranteed by an insurance company so all assets must be in insurance company life insurance and annuity contracts. The benefits provided are dependent upon minimum premium requirements and the claims paying ability of the issuer.
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That Schlage Key
I Love Writing Life insurance and health insurance because its complicated now and people need help. People also need to get their insurance before they have a major event like I did with heart surgery.
I grew up in a very small town, my father ran the drug store since 1953. I started working at age 8 and learned about business, customer service, and how to treat people from him. Unfortunately he died at age 64 unexpectedly and I had to return to run and close down his business. I learned from that what happens when fathers and business owners don’t plan. That the government does not help, but gets in the way.
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Peter Robert Stone
Ins. Lic CA 0i31296
Lic in AZ, SD, TX, OH, FL, PA, VA, NM, MI, KY