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Comprehensive Planning Solutions

Business Planning

A Competitive program of group and Executive benefits is a must to attract and retain a skilled and dedicated workforce. The Legacy Group can help you build a program for employee and optional benefits, executive compensation, business succession, and retirement planning that meets the specific needs of your business.

The Legacy Group also can bring your existing program up to date to reflect changes in your business.  This can help you keep current with regulations that impact employers and enable you to fine-tune programs that may have trended towards inefficiency.

If you’re a business owner and have a partner(s), a buy-sell agreement is one of the best planning tools to consider having in place.  This agreement can help business owners minimize the turmoil caused by the sudden departure, disability or death of a business owner or partner.  

Additionally, a buy-sell agreement can provide you with the peace of mind knowing that:

  • A method to determine a fair market value for the business is in place
  • Transfer of wealth and ownership of the business will take place in an orderly and equitable manner
  • If funded with life insurance, it can provide the necessary liquidity for heirs to pay estate tax liabilities

Types of Buy-Sell agreements:

  • Cross Purchase Plan: In this type of agreement, each owner owns insurance on the life of their partner(s).  In the event of a death of one of the partners, the life insurance proceeds are paid to the surviving partner.  The insurance proceeds are used to purchase the shares from the deceased partner’s estate/family.
    • Advantages:
      • The surviving shareholder may increase his/her basis in the stock acquired under this agreement.  This may be advantageous if selling or gifting the shares of the business is a future consideration
      • Properly executed agreements can reduce delays and probable conflicts/claims caused by the heirs of the deceased owner
    • Considerations:
      • If there are more than two owners, this type of agreement may become difficult to administer
      • Premiums paid for the insurance may be deducted as compensation to the shareholders/policy owners.  However, the premiums paid may be considered taxable income.
  • Stock Redemption or Entity purchase plan: In this type of agreement, the corporation owns life insurance on the life of the owners (Stockholders).  In the event of a death of a shareholder, the life insurance proceeds will be used to purchase their shares.  
    • Advantages:
      • This type of agreement is the easiest to administer.  
        • Corporation is the owner, payor and beneficiary of all the policies. 
      • Any cash-value in the policies is an asset on the balance sheet of the business. 
      • Properly executed agreements can reduce delays and probable conflicts/claims caused by the heirs of the deceased owner.
    • Considerations:
      • Policy premiums are paid for by the business and are not tax-deductible
      • Proceeds paid to the company are generally income tax free
      • The surviving owners do not get a step up in basis.  If the business is sold in the future, they may be subject to a larger  capital gains tax.

There are several things to consider before choosing the right type of agreement.  The Legacy group can help you analyse your specific situation before making a decision.

As a business owner, you must consider a range of complex Issues related to its future continuity.  The Legacy Group understands these issues and the specialized strategies that can address them effectively.  

Whether your plan is to sell your business or transfer it to an heir, we work to understand your objectives, evaluate what plans are implemented, and identify planning strategies to help maximize your future opportunities.

Do you know the answer to each of these questions?

  • Do you have partners or fellow shareholders? Do you have a current buy/sell agreement with them? Do you understand the agreement? When was your agreement last reviewed?
  • Have you considered who will continue to operate your business if you decide to retire?
  • Does your personal financial plan impact or dictate your business financial plan? Or vice versa?
  • Do you have key employees? Are they involved in your continuity plan?
  • Have you taken steps to ensure that what you envision will occur?

The Legacy Group  works with you to understand your business objectives, and then design a for your business when the time comes.

One of the most critical components of growing your business is finding and retaining “Key-Employees” who share your passion and vision for your business.  Highly talented executives and professionals need to be recognized for their efforts and contributions.

Unfortunately, many employee compensation packages come with many limitations and burdens that make it cost prohibitive to implement.  The Legacy Group understands your business needs as well as the needs of your Executives.  We will help you identify, analyze and implement cost-effective benefits for those key individuals that you cannot afford to lose.

Did you know that Executive Benefits can be designed to be flexible and provide the following benefits: 

  • Replacement or supplementary retirement income based on total (non-limited) compensation
  • Attract, retain and reward key- executives
  • Deferred compensation 
    • Potentially replace benefits that are lost due to IRS limits on Qualified plans
  • Benefits can be designed to provide tax-advantaged income 

Have you considered the following for your business?

  • Non-qualified Deferred Compensations Plans (409A)
  • Non-qualified Supplemental Executive Retirement plans (SERP)
  • Executive Bonus Plan (EBP)
  • Income (Gap) Protection for Executives (Disability Income Insurance
  • Cash Balance Plans

The Legacy Group works with you to understand your business objectives, and then designs a sensible plan for the continuity of your business when the time comes.

Legacy Group Specialized Services:

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We take a cross-disciplinary approach to provide you with a custom blueprint to achieve your goals, dreams and aspirations:


6800 Jericho
Suite 202W
Syosset, NY

1393 Veterans
Memorial Highway
Suite 307 S
Hauppauge, NY

2112 Broadway
Astoria, NY

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