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Little do they realize that provisions in the 2017 Tax Cuts and Jobs Act and the 2020 SECURE Act could make these plans the epitome of tax inefficiency. In many situations, the annual tax savings realized from deductible plan contributions will be negated by higher lifetime tax liabilities on their cumulative retirement distributions. This impact may be exacerbated by the income and estate taxes owed by heirs after their death.
What if there was a Cash Balance Plan alternative without contribution limits, Roth IRA attributes enabling tax-free retirement income and pre-retirement liquidity, no required employee contributions, and no TPA administrative costs?
Introducing the Attorney Life Income Plan