April 2023 – Maximizing Outcomes

How Much Life Insurance Can You Own? (Ep. 22)

By MaximizingOutcomes | April 21, 2023

It’s impossible to measure the value of a human life. Who you are as a person, and what you mean to your family, friends, and your community, cannot be measured or a dollar value placed upon it. If you suddenly died, such a loss would be permanent, profound, and irreplaceable. Your future earnings potential is about the only thing that is replaceable through proper life insurance protection.

In this episode, we discuss the different mindset people tend to have when insuring material possessions vs. their own life. We also discuss how much life insurance you may be able to acquire based on your age and income, and why trying to figure out coverage amounts based on a needs analysis is the opposite of what most people truly want.

By the end of this episode, you’ll gain a deeper understanding of how life insurance companies can determine the amount of coverage you’re eligible for, and what you can do to help protect the lifestyle you and your family worked so hard to create.

Jim discusses:

The importance of life insurance to help ensure that your family can maintain their lifestyle and financial security in the event of your death
Why insurance companies won’t allow someone to over-insure their property, income, or life
How trying to take a needs approach to determining your life insurance coverage is the opposite of how you treat your career
Life Insurance coverage amounts for business owners vs non-business owners
And a lot more!

Resources:

Connect with McGovern Wealth Group:

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The Benefits of Employee Stock Ownership Plans for Business Owners with Ken Alter (Ep. 21)

By MaximizingOutcomes | April 7, 2023

With years of experience in helping businesses plan their exit strategies, Ken Alter, Managing Director at Planning Alliance, shares his insights on the mechanics of ESOPs(Employee Stock Ownership Plans), their benefits for both employers and employees and how they can be used as an effective tool for selling a business while maintaining control and achieving tax savings.

If you’re a business owner looking to plan your exit strategy, this episode is a must-listen!

Ken discusses:

What an Employee Stock Ownership Plan (ESOP) is, and how it differs from other qualified plans
How ESOPs can be used as a tool for business owners to sell their businesses while maintaining control and achieving tax savings
Why ESOPs are attractive from a tax standpoint
The benefits of ESOPs for employees
What employees can do to contribute to this plan
And so much more!

Resources:

Planning Alliance

Connect with Ken Alter:

LinkedIn: Kenneth Alter Managing Director at Planning Alliance

Connect with McGovern Wealth Group:

About Our Guest:

Kenneth L. Alter is a Managing Director with and Board Member of Planning Alliance. He provides financial, business, estate planning, and investment management solutions for entrepreneurs, their businesses, entrepreneurial families, and family (and multi-family) offices nationwide.

Since joining Planning Alliance in 2011, Kenneth has been a noteworthy leader in the wealth management space. In 2022, Forbes* ranked Kenneth as one of the Top 100 financial security professionals in the United States and as Top 5 in the state of New Jersey. He is active in various industry organizations, including Finseca, which represents the financial services industry on various legislative and regulatory issues that come before Congress and various federal agencies. He also speaks at financial industry conferences nationwide and serves on the Living Balance Sheet faculty. He holds his Life, Accident and Health Insurance licenses along with FINRA Series 6, 7, 63, and 65.

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