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Retirement Planning

We discuss retirement and pension plans that best fit your needs. Our strategies are proven and used by banks and the ultra wealthy.

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Retirement Planning

Business Owners: Learn if a Defined Benefits Plan is Right for You

Business Owners: Learn if a Defined Benefits Plan is Right for You

Business owners who want to take advantage of the new 20 percent qualified business income (QBI) deduction under the 2017 tax law may want to consider having not only defined contribution retirement plans, such as 401(k) plans, but also defined benefit plans similar to old-fashioned pensions.

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Tax Planning 2016: Deduct Up to $350K

You’ve built a successful career. Are you building a successful retirement? If there was a way to legitimately deduct $350,000 or more per year from your taxes while funding your secure retirement, would you want to take a look? A Defined Benefit Pension Plan provides for large current tax deductions and very high income in retirement. The business contributes enough money to create a guaranteed income stream for each participant during retirement.

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Use The Jeb Bush Little-Known But Perfectly Legal Strategy To Save Up To $350,000 Per Year

Pension Plans Can Save You Thousands of Dollars

Palma Financial Services, Inc. can help set up a small business benefit plan.In a 2015 article in the Wall Street Journal, it was noted that GOP candidate Jeb Bush saved an average of $350,000 per year via the use of a pension plan. This translates to $1,750,000 over the course of five years by diverting money that would otherwise be spent on income taxes. According to reports, Bush’s plan was built for two unnamed individuals, likely Jeb and his son.  While this strategy is legal, it is relatively under utilized by many professional accountants. Similar to the defined benefit plans from the era before the 401(k), a pension plan allows you and your employer to contribute much more than a traditional pension plan, which enforces the following limits on the amount of money you can contribute per year to your 401(k):

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