Tag: Tax Savings

How Defined Benefit Plans Help Business Owners Slash Taxes and Catch Up on Retirement (Ep. 61)

How Defined Benefit Plans Help Business Owners Slash Taxes and Catch Up on Retirement (Ep. 61)

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How Defined Benefit Plans Could Help Business Owners Slash Taxes and Catch Up on Retirement (Ep. 61)

Are you a business owner with high income—but even higher tax bills? Are you feeling behind on retirement savings?

In this episode of Maximizing Outcomes®, Jim McGovern welcomes back Tom Wyatt to unpack one of the most overlooked yet powerful tools for high-income business owners: Defined Benefit Pension Plans.

You’ll learn:

  • How defined benefit plans can potentially save you hundreds of thousands in taxes annually
  • Why these plans my be ideal for late-stage retirement catch-up
  • How they differ from 401(k)s and profit-sharing plans
  • When to use cash balance plans for greater flexibility
  • Why you can still set one up after the tax year ends
  • How to use them for succession planning and buyouts

Tom shares real-world examples—including one client who’s pension contribution allowed for a $288,000 deduction in a single year while keeping 87% of it for himself.

Whether you’re a solo entrepreneur or run a business with employees, this episode will help you rethink how to retire smarter and lower your tax bill in the process.

Related Episode:

Episode 28: Retirement Planning Essentials

Episode 29: Retaining Key Employees with Non-Qualified Retirement Plans

📩 Have questions? Reach out to Jim at info@mcgovernwealth.com or visit mcgovernwealth.com

🎧 Don’t forget to subscribe and share this episode with other business owners who want to Maximize Outcomes® in their life.

Please note individual situations will vary, individual results will be unique and determined on their own merits. 7938432.1

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

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

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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:

Connect with Ken Alter:

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. 

 

Please note that the information on this podcast are for reference only. Although accurate when originally released, they may now contain out-of-date information. They remain solely for historical purposes and are not considered current guidance. Always consult a professional regarding your individual situation.

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