If you are a business owner looking for ways to reward yourself or key employees with a tax-advantaged retirement program, B.O.S.S. is a program worth considering. It is a non-qualified benefit plan for business owners and key employees
Designed to:
Attract, Reward and Retain key employees – Provide tax-deferred growth – Income tax-free retirement income – Income tax-free death benefits to heirs
– A partnership is formed between your C-Corporation and one or more of its owners.
– The company and owners make capital contributions to the partnership.
– The partnership purchases life insurance on the owners.
– Death Benefits can be used for buy/sell or personal insurance needs.
– Cash Values can be used for future retirement needs.
– Policy premiums paid by the company, although not tax-deductible by the company, are income tax to the insured-owner and partnership.
– The company will be reimbursed for premiums paid income tax-free.
– Policy death proceeds will be received income tax-free.
– Policy cash values will grow income tax-deferred.
– Policy cash values can be accessed by the partnership income tax-free through policy withdrawals or loans.