At OJM Group, we work with clients on a variety of insurance and benefit planning issues. Below are just some of the areas where we work with clients everyday.
Qualified Retirement Plans & IRAs:
Qualified plans and IRAs offer both short and long term wealth accumulation benefits. Our team has reviewed or implemented qualified plan designs for hundreds of clients throughout the country and as such, we believe we are well-versed in profit-sharing plans, 401(k)s, traditional pension and defined benefit plans, as well as all types of IRAs.
For some businesses, non-qualified plans can be ideal tools for recruiting and keeping talent. They can also become powerful vehicles for executive wealth creation as well. OJM is familiar with all types of non-qualified plan design and implementation.
Fringe Benefit Plans:
Certain types of fringe benefit plans offer vastly under-utilized wealth building techniques. OJM has in-depth knowledge and experience with fringe benefit plans and can identify when this type of plan makes sense for business owners, executives or professionals.
Buy-Sell and Business Overhead Insurance:
One of the biggest risks to a closely-held business is the disability or death of a partner. The right type of insurance protection can shield the business, the injured/deceased partner’s family AND the remaining partners. Our team is quite familiar with such coverages and how they fit into a well-planned business protection strategy.
Executive/Carve Out Benefit Plans:
Executive benefit plans can provide a company with a flexible, cost-effective approach to offering an alternative savings opportunity, as well as an incentive that may help retain the services of top executives. We have significant knowledge and experience in these areas.
More Planning Areas:
Life Insurance for Family Protection:
Most people realize that life insurance can protect a family from the financial hardship caused by the premature death of the income earner(s). However, beyond that there are many decisions to make, such as: Term vs. permanent? How much is enough? What company? What type of product? OJM team members help clients answer these questions everyday.
Life Insurance as an Asset Class:
Fewer people understand that permanent (cash value) life insurance is an important asset class with unique wealth accumulation attributes. Structured properly, it may offer tax benefits, asset protection qualities, and principal protection in ways that other asset classes cannot match. Our team has educated hundreds of clients on this asset class and helped them understand how it might play a role in their overall wealth plan.
Individual Disability Income Insurance:
For many clients, the ability to work is their most valuable asset – and long term disability the most likely threat to that asset. Disability income insurance is the tool to protect against such a risk. OJM is not only familiar with the leading disability income insurance products, we also understand how to secure more coverage for an executive or professional when they seemingly have “maxed out.”
Individual Long Term Care Insurance:
The statistics on how many Americans will need an extended stay in a nursing home or require in-home care are sobering, and government programs require that we spend down nearly all personal assets to qualify for assistance. Long term care insurance thus becomes a fundamental piece of many families’ financial planning. With several team members who understand the intricacies of the leading companies’ offerings, OJM is well-positioned to assist clients with product analysis and implementation.
Like cash value life insurance, annuities, when structured properly, may offer tax benefits, asset protection qualities, and principal protection in ways that other asset classes cannot match. These advantages are especially applicable for those in or close to retirement and those concerned about outliving their capital or just “living off the interest.” Our team has educated many clients on this asset class and helped them understand how it might play a role in their overall wealth plan.
Without proper planning, clients with taxable estates now face transfer taxes of 40%+. OJM is familiar with the leading methods, with or without the utilization of insurance products, for reducing or even eliminating the impact of transfer taxes. We can also connect clients with our nationwide network of estate planning and tax attorneys to assist in the implementation of these solutions.