Business Wealth & Trust
Invest with confidence. Let us help you map out your financial future.
You wear a lot of hats as a business owner– let us handle your assets and retirement planning.
Would your sudden departure be a major financial crisis at your company?
Our planning professionals can help you evaluate options to maximize your business' assets and secure the future for you, your family and your company.
Transfer of Ownership
Many business owners will face a time when they need to transfer their ownership rights to another person or entity. Let us help you make the transition as smooth as possible.
Let Extraco help you design an estate plan which can help minimize taxes, protect assets from unseen risks and ensure your legacy goes on.
We will work closely with you to make sure your assets are optimally positioned to minimize exposure to creditors.
You have options when it comes to retirement planning. We have everything you need to get started and would be happy to work with you in defining a plan for your business.
A traditional plan allows participants to make pre-tax contributions. It offers employers flexibility and allows them discretion to make contributions, such as a matching contribution on behalf of employees. If you do not have employees, we can develop a solo 401(k) retirement plan.
Our approach involves:
- Understanding your aversion to risk
- Focusing on your long-term goals
- Deciding how you want to live after you retire
- Determining if you will outlive your savings or how best to make it last
- Protecting your retirement can be as important as planning your retirement
Simplified Employee Pension (SEP) IRAs
As a small business owner, you can use Extraco to help yourself and your employees save for retirement. Created for busy people like you, it’s easy to set up and maintain. This plan allows participants to make pre-tax contributions and can be a cost-effective alternative to a 401(k) plan.
- You can set up this plan for you and your eligible employees
- Contributions are flexible, allowing you to contribute up to 25%
- Contributions are deductible as a business expense and are not required every year, there's minimal paperwork involved and unlike some other types of retirement plans, there are no IRS reporting requirements
See bottom of page for disclosures.
A profit-sharing plan accepts discretionary employer contributions. It is a plan that gives employees a share in the profits of a company. Under this type of plan, an employee receives a percentage of a company’s profits based on its quarterly or annual earnings. It’s a great way for a business to give its employees a sense of ownership in the company.
- Flexible contributions – contributions are strictly discretionary
- A good plan if cash flow is an issue
- Administrative costs may be higher than more basic arrangements such as a SEP IRA plan
- May need to test that benefits do not discriminate in favor of the highly compensated employees
Cash Balance Plans
The Cash Balance Plan is tax-deductible and assets grow tax-deferred while they’re in the plan’s trust. It allows for significantly larger contributions allowing you to accelerate retirement savings.
- Since contributions are tax deductions for the sponsoring entity or sole proprietorship, significant tax savings are realized in the very first year the plan is adopted
Defined Benefit Plans
For sole proprietors and owner-only corporations, a Defined Benefit Plan is an effective option for maximizing your tax savings and retirement benefits.
- Plan can be utilized to lower taxes and accumulate significant tax-deferred retirement savings
- Once the plan is no longer needed to accrue retirement benefits, it can be terminated and assets moved to a 401(k) Profit Sharing Plan or IRA as part of the plan’s termination
- Assets can continue to grow tax-deferred until they are distributed directly to the participant or beneficiary