When you engage in the financial and retirement planning process at Brookstone Financial, you are gaining access to your primary planner as well as a network of third-party professionals with whom we have working relationships – including, CPA’s, attorneys, business consultants and dedicated lenders for our leveraged planning clients, to ensure that you receive the best possible guidance.
Just say ” NO” to an IRA, 403(b), 457, 401k or Roth!
These defined contribution plans are full of market risk, high fees, and worst of all — your income is taxable! However, A properly structured 7702 (a) private plan allows you to accumulate money tax -free, withdraw money tax- free, and transfer money to heirs tax -free. In addition, this plan allows you to participate in market like returns, with no downside market risk. That’s right, you can only make money but never lose money! Properly structured, this type of retirement plan can produce 300% more income in retirement! Think about it…if you can remove market risk AND eliminate taxes in retirement, wouldn’t you be much better off? Of course! These benefits are achieved through a fully IRS approved, max-funded Indexed Universal Life Insurance policy (IUL).
A properly structured policy, in accordance with specific IRS guidelines, (7702 (a), is critical to maximizing the desired tax-free benefits. An improperly structured policy can cause slower accumulation of money and the loss of some of the tax benefits. Choosing the appropriate plan for each individual is also critical to the process. There are only a handful of carriers that offer IUL’s. They are broadly structured along similar guidelines, but they all have different nuances.
For the high net-worth business owner or medical professional, this type of non-qualified planning may be appropriate. Leveraged Planning provides many unique benefits:
1. The ability to use business dollars to fund your personal retirement plan.
2. Large up-front tax deductions (subject to your CPA’s approval).
3. No contribution restrictions- no limit on annual contributions, unlike a qualified plan.
4. Fully Discriminatory – no employees need to be included.
5. Jump Start feature- allows more money to grow much faster than in a qualified plan.
6. Tax deferred growth with no market risk and Tax- Free retirement income.
7. Can be used for buy-sell agreements, key man / key person insurance, business exit strategy and qualified plan bailout.
This type of sophisticated planning is subject to minimum net worth and income requirements.
Knowing the ins and outs of each plan and how they will impact the financial profile of the individual is key to building a successful retirement program. Michael Tompkins and his associates at Brookstone Financial have the specialty training, years of experience, and access to the most advanced financial calculators necessary to build the right plan, the right way, for you. They will educate you on the details you need to know about your plan. Michael and his team will be there for you now and in the future.
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