Your Family Bank® is a fantastic opportunity for business owners to not only help their business, but also help their family and their retirement.
Your Family Bank can be a source of funds for expenditures and you can actually capture excess interest and all principal that you otherwise pay other institutions, while creating a retirement plan for yourself that is Tax-Free.
From petty cash to payroll, funds are continuously moving through Your Family Bank. Whenever a business owner utilizes the advantages of Your Family Bank, their reliance on financial companies for working capital quickly diminishes. With time, the business can produce 100% of its financing needs from Your Family Bank.
Plus, there is an additional benefit: The IRS allows the interest to be deducted on legitimate business loans, which you’ll want to finance from Your Family Bank! The possibilities are endless!
- New equipment and supplies
- Employee Retirement Programs
- Payroll financing
- Employee health/wellness plan
- Company retreats/business conferences
- Marketing events
- Company vehicles
- Your lease/building space
- Corporate real estate
- Travel expenditures
- Business loans
- Additional benefits to attract key employees
- Business acquisitions/merger
- And more!
Business owners need life insurance to protect their company and provide for their own families. So owning a life insurance policy isn’t just an extra, but rather something that needs to be part of all business owners’ portfolios.
A business generally provides a number of write-offs throughout a business owner’s life. Yet as soon as the business owner retires, he or she usually finds themself with few, if any, tax deductions because the business has been sold.
Maximizing a Your Family Bank account provides a cash flow of tax-free income!
Since life insurance is not regarded as a tax-qualified plan by the IRS, there is no requirement for the business owner to fund the same program for employees. There is no limit regarding the amount of money that can be saved inside a life insurance contract, other than what the contract itself specifies. Given that business revenue may change significantly over time, the versatility of Your Family Bank accounts can be a huge advantage.
It’s easy and simple. There are no separate documents or tax forms required. As a matter of fact, The government doesn’t even know that an individual Your Family Bank® account exists. There is absolutely no government reporting requirement.
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