For business owners, making their money work harder often translates into more of it. And, there are ways they can heighten, and sometimes even super-charge, their ability to boost the wealth they’ve created with their companies. Wealth enhancement is the process of using advanced planning strategies to mitigate taxes resulting in greater personal wealth creation.
“There are a wide variety of strategies that can be utilized to enhance wealth,” explains Anthony J. Carone, managing member of the specialty law firm Carone & Associates, “Using charitable trusts, for example, cannot only be instrumental in enhancing wealth, but can enable a business owner to appreciably benefit others. The use of qualified retirement plans and other retirement-oriented strategies is another way for them to enhance their personal wealth.”
According to Frank Seneco president of Seneco & Associates, an advanced planning boutique, “For wealthy business owners with significant investable income some of the most attractive strategies incorporate private placement life insurance. Then there are a wide variety of qualified retirement plans that can be instrumental in boosting a business owner’s personal wealth.”
In a survey of 513 business owners, it’s not surprising that nearly all the business owners surveyed are extremely or very interested in ways to legally lower their personal tax bills However, among those who are indeed interested, only about a quarter of them are actively working with professionals to do so.
“Although there’s strong interest among business owners in enhancing their wealth by lawfully lowering their tax bill, relatively few of the business owners are actively pursuing the range of opportunities,” notes Carlo A. Scissura, president of the Brooklyn Chamber of Commerce and author of Maximizing Personal Wealth: An Advanced Planning Primer for Successful Business Owners, “While many are doing something such as establishing a qualified retirement plan, for example, few business owners are actively evaluating and implementing qualified retirement plans that maximize their own personal wealth. This means there are many opportunities open to business owners to enhance their personal wealth.”
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