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Article: Expanding Tax-Favored Retirement Benefits.
- Article from:
- The National Public Accountant
- Article date:
- November 1, 2000
- Author:
CopyrightCOPYRIGHT 2000 National Society of Public Accountants. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Despite improvements in qualified retirement plan designs for small business owners, the fact remains that a high-income business owner may never be able to achieve enough retirement savings in a qualified plan alone. For example, a defined benefit plan is currently limited to an annual benefit of $135,000 per year, while a defined contribution plan allows a contribution of only $30,000 a year. Successful businesses usually face another problem; the premature death of the owner would cause a significant financial blow to the company.
What if you could show your C Corporation clients a plan that would take care of both of these problems? It would indemnify the ...