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To run a successful business, one must understand the financial choices available to business owners. As well, incorporating your business needs into a total estate plan can help you meet estate tax and liquidity needs in order to preserve the full value of your business for your family and associates. The expertise, resources and tools available at Cosey Financial Services, Inc. will help you find long-term solutions to enhance the growth and success of your business.

Business planning is the key to protecting your business and your net worth. An important element of business planning is effective business continuation and benefit planning. Creativity and customization are required in selecting and tailoring strategies best suited to meet your specific business continuation and benefit needs. Also important are the tax and legal aspects of the various financial strategies adopted. Cosey Financial Services, Inc. brings both elements to planning your program.

Business continuation is an important consideration in protecting your business against the loss of key people, in preserving your life’s work, and in planning for your business after you’re gone. The following options can be used to prepare for problems that can arise with a change in ownership:

• Buy-Sell Agreements are the most common business continuation planning tool. Funded via life insurance, the agreement establishes the value of your business and assures a ready market for your share in the business after you’re gone.
• Key Employee Life Insurance provides you with the funds needed to keep your business running smoothly when you lose a key employee.
• A total estate plan incorporating your business needs and your personal estate planning can help you meet estate tax and liquidity requirements to preserve full value of your business.

Careful benefit planning can help you use business dollars for personal expenses, increase income and improve retention of key employees.

• Split-dollar life insurance is a low-cost benefit your corporation can use to pay for your own life insurance by “advancing” your money to pay the annual premium. This also can be available for key employees.
• Disability insurance can be provided by your business to continue a portion of your salary when you’re unable to work, and the premiums are deductible in most cases.
• Under a Section 303 stock redemption, your business may be able to help you pay estate taxes and settlement costs if your stock is worth more than 35% of your adjusted gross estate. The business redeems stock from your estate to produce cash to meet your estate’s obligations.
• A salary continuation plan can help protect you, key employees and your business from the consequences of a disability. Funding the plan with disability insurance policies makes premium payments tax deductible as a necessary expense.
• Employee sponsored qualified pension and profit-sharing plans help employees prepare for retirement and take advantage of special tax breaks. Contributions you make to the plans are tax deductible
• Life Rewards offer non-qualified plans that allow certain associates to enhance their retirement benefits. (Highly compensated executives are limited in the amount they can save for retirement in qualified plans.)
• Split-dollar life insurance can be provided to select executives at reduced cost.
• Golden Executive Bonus Arrangements (GEBA), along with other executive bonus strategies, can provide life insurance to employees and give your company a tax deduction.
• Group insurance programs, such as medical, disability, and life insurance, can be provided. The premiums you pay are tax deductible, making the cost of these benefits lower.