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Situation: Parents (Owners) age 60, with children in late 30's who will take over business in next 5 to 10 years. Want large deduction now but don't want excess funds in estate. Solution: Maximize deduction in Defined Benefit (maybe cash balance version) with conservative actuarial assumptions. After, parent's retire use Cash Balance for children to soak up excess. Plan Type: Cash Balance Defined Benefit Pension Plan |
Design Strategies
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Information is provided for review and consideration only. Please consult legal and tax advisors for practical advice pertaining to your business and personal situations. This page was last updated on Wednesday, January 02, 2008 11:23 AM |
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