A Split Funded Defined Benefit plan was recommended as a powerful retirement planning strategy offering great income tax and asset protection benefits. This is a tax-qualified retirement plan established by a company where employer contributions are split between a whole life insurance policy and traditional investments.
BELOW IS A BRIEF OVERVIEW:
• Because of the inclusion of life insurance, this plan resulted in the largest possible annual pre-tax contribution for the client. The life insurance also provides protection upon the client’s death. Its death benefit, less the cash surrender value of the policy, may be paid to the beneficiaries’ income tax-free.
• As a qualified plan, all employees must be considered for inclusion. A Profit Share / 401k Plan ensures compliance. Due to the age and income disparity between the owner and employees, we were able to have a large portion of the total contribution go to the owner.
It’s important to stress the wealth management advisor does not replace any trusted advisors. Rather, they supplement the advisors’ expertise to meet the executive’s total financial needs by implementing a holistic wealth plan.
Charles Claver, Wealth Management Advisor for First Bank, one of the largest privately held banks in the U.S., provides wealth management to affluent families and business owners. Possessing 16 years of experience in the financial services field, his expertise includes private wealth, investment/ retirement/estate planning, commercial/ personal lines of insurance, and private banking.
CHARLES CLAVER, VICE PRESIDENT WEALTH MANAGEMENT ADVISOR AND INFINEX REPRESENTATIVE FIRST BANK WEALTH MANAGEMENT 9145 WILSHIRE BLVD. BEVERLY HILLS, CA 90210 (310)887-0100 CHARLES.CLAVER@FIRSTBANKWEALTH.COM
Wealth Management products and services are provided through First Bank, and its affiliates and subsidiaries. Investment and insurance products are offered through INFINEX INVESTMENTS, INC., Member FINRA/SIPC. First Bank Wealth Management is a trade name of First Bank. Infinex and First Bank are not affiliated. Infinex does insurance business in California as Infinex Insurance Agency, CA Agency License #0H30186. Products and investment advisory services made available through Infinex are not insured by the FDIC or any other agency of the United States and are not deposits or obligations of nor guaranteed or insured by any bank or bank affiliate. These products are subject to investment risk, including the possible loss of value. Infinex does not offer legal or tax advice. Consult your legal and/or tax advisor for more details.
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