Use the 4 C’s to Chart Your Future
August 27, 2020
You have successfully grown and managed your agency to a stage where it is desired by others. Use the 4 C’s to help you shape your future so that you will know exactly when it’s time to cash in.
Pandemic Put a Pause on the Sale of Your Agency – Now What?
July 28, 2020
Weddings, graduation parties, and dentist appointments were not the only things put on hold during the coronavirus pandemic. COVID-19 has changed the course of all our lives regardless of whether our personal health was impacted or not. Over the past few months, I have seen firsthand the impact it has had on agency owners who […]
Secret Retirement Saving Super-Power: The Mega Back Door Roth
May 26, 2020
For high earners and big savers, there are limitations on contributions to designated retirement accounts. Specifically, in 401k accounts, the maximum you can deduct from your salary is $19,500 in 2020. For those over 50, a “catch-up” contribution is allowed up to an additional $6,500. What many don’t know about 401k accounts is that there […]
Lessons Learned: “This Time is Different”
May 5, 2020
The COVID-19 outbreak has created stress and uncertainty in all phases of our lives. Worrying about our family’s health, learning to work from home while trying to educate and entertain children, and watching our income decline or for some completely go away has understandably caused many to panic. This stress and panic can lead many […]
FDIC Insurance – Have You Maximized Your Coverage?
April 28, 2020
During the Great Depression, the Federal Deposit Insurance Corporation, or FDIC, was created to instill confidence in the banking system. On January 1, 1934, the first deposits were insured with a limit of $2,500. FDIC insurance is backed by the full faith and credit of the US government. How well do you know FDIC coverage? […]
Make 2020 a SMART Year
January 14, 2020
Happy (belated) New Year! Did you set a New Year’s resolution this year? Have you already broken your resolution? According to Ipsos, a market research company, 38% of Americans planned to have a New Year’s resolution in 2020. Unfortunately, 80% of resolutions are typically broken by the middle of February. No worries – It is […]
Should My Agency Be an S Corp or a C Corp?
November 12, 2019
Recently I spoke at the Independent Insurance Agents (IIA) of Illinois annual conference on financial planning for agency owners. After the presentation which included a discussion on taxes, an owner approached me about the tax structure of his agency. He is currently structured as a C Corporation and wanted to know if that was the […]
Solve the 4 C’s Before Selling Your Agency
September 10, 2019
Last month I had the opportunity to moderate an M&A panel at NAHUs (National Association of Health Underwriters) Annual Conference in San Diego. The panel was focused on what agency owners should look for when considering buying or selling an agency. Panelist Mike Deagle of Benaxis and Lily Lam of OneDigital did an excellent job […]
Theo’s 20% Rule
June 25, 2019
I’m a lifelong Cubs fan as required by my grandfather who took me to my first Cubs game back when you could buy a bleacher ticket for $3 and bring your own cooler full of drinks into Wrigley Field (Grandpa Tom liked his Old Style). Wow, have times changed. My 12-year-old son Kevin and I […]
What Do Financial Professionals Do With That Legacy Whole Life Policy They Own?
June 18, 2019
“What do I do with this whole life insurance policy I have?” I am constantly asked this question when I work with financial professionals (private equity professionals, investment bankers, and asset managers). Within this industry, a lot of professionals are sold this policy early in their career to protect a budding family and save money, […]
Long Term Care: Traditional or Hybrid Policies?
June 4, 2019
Long Term Care Environment Shifting Towards Hybrid Plans When reviewing our client’s insurance coverages, a question we’re often asked is whether to purchase long-term care coverage. To answer that question there are a lot of factors to consider from your family health history to your experience dealing with a loved one going through that difficult […]
Your Beneficiary Designations – Are They Correct?
May 28, 2019
Beneficiary designations are an extremely important component of an estate plan. They are found on many types of assets such as IRAs, 401Ks, life insurance and annuities and designate who receives the asset after the account owner passes away. The primary advantage of a beneficiary designation is that asset ownership transfers without the complexities and […]