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Business succession
Whether your client is starting a new business or retiring from a long-established enterprise, a business succession strategy can be an important asset.
When it comes time to transferring a business to new ownership, bold action on succession can ensure the business owner’s hard work and commitment can be turned into value they’ve earned. Our Business Owner Life-stage Design (BOLD) strategies and tools can help get them there.
BOLD sales support
Contact the Fortress Brokerage Solutions Advanced Sales Team today.
(678)322-3040
Info@fortressbrokerage.com
Business continuity
Planning for the future of a business also includes a plan for the unexpected. When a business owner dies, key employees may undoubtedly be concerned about the future of the business.
Retaining key employees can help ensure a smooth transition to new ownership, maintain business integrity and preserve the business’s value.
Take BOLD action
Learn how to use BOLD with clients
Your business owner clients need life-stage specific tools. We’ll help you find the right solution.
View the step-by-step processLife insurance products contain fees, such as mortality and expense charges, (which may increase over time) and may contain restrictions, such as surrender periods.
Please keep in mind that the primary reason for purchasing life insurance is the death benefit.
Additional agreements may be available. Agreements may be subject to additional costs and restrictions. Agreements may not be available in all states or may exist under a different name in various states and may not be available in combination with other agreements.
Policy loans and withdrawals may create an adverse tax result in the event of lapse or policy surrender and will reduce both the surrender value and death benefit. Withdrawals may be subject to taxation within the first fifteen years of the contract. Clients should consult their tax advisor when considering taking a policy loan or withdrawal.
The Policy Design chosen may impact the tax status of the policy. If too much premium is paid, the policy could become a modified endowment contract (MEC). Distributions from a MEC may be taxable and if the taxpayer is under the age of 59 ½ may also be subject to an additional 10% penalty tax.
An annuity is intended to be a long-term, tax-deferred retirement vehicle. Earnings are taxable as ordinary income when distributed, and if withdrawn before age 59½, may be subject to a 10% federal tax penalty. If the annuity will fund an IRA or other tax qualified plan, the tax deferral feature offers no additional value. Qualified distributions from a Roth IRA are generally excluded from gross income, but taxes and penalties may apply to non-qualified distributions. Please consult a tax advisor for specific information. There are charges and expenses associated with annuities, such as surrender charges (deferred sales charges) for early withdrawals.
This information may contain a general discussion of the relevant federal tax laws. It is not intended for, nor can it be used by any taxpayer for the purpose of avoiding federal tax penalties. This information is provided to support the promotion or marketing of ideas that may benefit a taxpayer. Taxpayers should seek the advice of their own tax and legal advisors regarding any tax and legal issues applicable to their specific circumstances.
For financial professional use only. Not for use with the public. This material may not be reproduced in any way where it would be accessible to the general public.