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Tom Meaglia, ChFC®, AEP®,
CLU®, CRPC®, MSFS
Chartered Financial Consultant
Investment Advisor Representative
Chartered Retirement Planning Counselor
CA Insurance Lic. #0567507
Meaglia Financial Consulting
2105 Foothill Blvd., #B140, La Verne, CA 91750
Toll Free: 800-386-3700
Bus: 909-593-6105
Cell: 818-681-8600
Fax: 909-593-6120
Email: tom@meagliafinancialconsulting.com
Website: www.meagliafinancialconsulting.com
As a business owner, you may think of life insurance as an important offering in a total employee benefits package, which may help you attract and retain talented employees. But life insurance can do so much more, from helping to protect your company financially when a key employee dies to helping to fund the sale or transfer of your business. Take a look at some business uses of life insurance:
There are different ways to use life insurance to accomplish this transfer. The business can purchase policies on the lives of the business owner(s), with the business as beneficiary. Or if the company has a cross-purchase agreement in place, where each owner agrees to purchase the shares if another owner dies or becomes disabled, each owner can purchase and become the beneficiary of life insurance policies on the other owners.
Several options are available, namely: executive bonus plans, split dollar plans and nonqualified deferred compensation. The plans differ significantly with respect to life insurance policy ownership and tax consequences. However, it is common that the objectives of both the employer and employee can be met under one of these designs.
You’ll want to consult an attorney experienced with business arrangements like these, and talk to a financial professional before proceeding.
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Thomas Meaglia is an Investment Adviser Representative of Coppell Advisory Solutions LLC, dba, Fusion Capital Management, a registered investment adviser that only conducts business in jurisdictions where it is properly registered, or is excluded or exempted from registration requirements. Registration as an investment adviser is not an endorsement of the firm by securities regulators and does not mean the adviser has achieved a specific level of skill or ability. The firm is not engaged in the practice of law or accounting.
Insurance and annuity products are not sold through Fusion Capital Management. Fusion does not endorse any annuity or insurance product, nor does it guarantee any insurance or annuity performance. Annuity and life insurance guarantees are subject to the claims-paying ability of the issuing insurance company. If you withdraw money from or surrender your contract within a certain time after investing, the insurance company may assess a surrender charge. Withdrawals may be subject to tax penalties and income taxes. Persons selling annuities and other insurance products receive compensation for these transactions. These commissions are separate and distinct from Fusion's investment advisory fees.
Meaglia Financial Consulting and LTM Marketing Specialists LLC are unrelated companies. This publication was prepared for the publication’s provider by LTM Client Marketing, an unrelated third party. Articles are not written or produced by the named representative.
The information and opinions contained in this web site are obtained from sources believed to be reliable, but their accuracy cannot be guaranteed. The publishers assume no responsibility for errors and omissions or for any damages resulting from the use of the published information. This web site is published with the understanding that it does not render legal, accounting, financial, or other professional advice. Whole or partial reproduction of this web site is forbidden without the written permission of the publisher.