"The more successful I became the more affluent clients became. So, they needed higher level strategies, which led me into this marketplace of talking tax first and then putting on your financial hat by the end of the day."
- David West
On today’s edition of the Insurance Experts, I discuss an advanced retirement plan strategy with David West. You may recall on a prior episode of The Insurance Experts that I interviewed his wife, Christine Cox-West, who is a disability insurance expert. David specializes in a strategy that combines qualified plans, both defined contribution and defined benefits together.
Many small business owners need retirement planning for the future, but have larger tax liabilities today. The IRS code provides guidelines for business owners on how much they can contribute to their own and their employees retirement plans on a pre-tax basis. David has developed an expertise in how to utilize the existing rules to get the most out of the different types of plans for the business owner and their employees.
He also has incorporated life insurance into this strategy for a variety of reasons discussed at the end to maximize the flexibility of the underlying retirement plans themselves.
These are advanced strategies that require both tax and insurance expertise, so please work with experts when putting together these plans for yourselves or your clients.
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