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The Caldwell Trust Company Blog

Profit Sharing Plan Allocations – What’s Best for My Plan?

Posted by Tony Blasini, CPC, QPA

When it comes to retirement plans, there are many choices. One option that this article will dive into today, is the “profit sharing plan” which is a type of defined contribution plan that allows businesses to provide discretionary contributions -- meaning they can decide from year to year how much to contribute (or whether to contribute at all).

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Topics: Retirement Plan Services, Investments

Tips for Having Conversations with Your Family About Estate Planning

Posted by Sonya Kristie

Talking about estate planning with your loved ones isn’t always easy. In fact, it can sometimes feel a bit morbid and uncomfortable for everyone involved. However, having frank conversations now can be a valuable gift for those you care about most, helping avoid or limit frustration, confusion, and other potential issues later. When you’re able to engage in an open dialogue with loved ones, you can make sure they understand the reasoning behind your decisions. Such conversations can also help heirs feel prepared, so when the time comes to execute your plan, they are not in the dark.

Here are four tips that can help make family estate planning discussions somewhat easier for you and everyone involved:

1. Start Early (and Repeat)

While it makes sense to hold off on talking about specifics with young children, there is no reason you cannot engage your children and grandchildren in discussions about your personal and family values starting at a young age. Talking generally about what’s most important to you can help create a common understanding for your legacy. Having age-appropriate discussions with adult children, and with your nominated personal representative, trustee, attorney-in-fact, and health care agent is the best way to ensure your wishes will be honored and carried out. Don’t wait until you become ill or until a crisis strikes.

However, having the conversation once is just the start (and a good start). There are some key life occurrences that call for an updated estate plan, and possibly updated conversations as well. You can learn more about those here.  

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Topics: Retirement Plan Services, Investments

What You as an Employee Should Know About Retirement Plan Rollovers: Options, Steps, and Considerations

Posted by Tony Blasini, CPC, QPA

If your current or former employer offers a qualified retirement plan, such as a Profit Sharing, 401(k), 403(b), SIMPLE IRA or SEP, you can take your vested balance with you when you leave by “rolling over” the balance from your plan account to an IRA rollover account. If your rollover meets IRS requirements, the transaction will not be a taxable event and your money will continue to grow tax-deferred. Generally, rollovers must be made within 60 days of the money being distributed (unless it is a Direct or Trustee to Trustee rollover) in order to meet IRS requirements, although there are certain limited exceptions when the IRS may waive that requirement.

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Topics: Retirement Plan Services

6 Misconceptions About Retirement Best Practices

Posted by Tony Blasini, CPC, QPA

When it comes to retirement planning, many people in the workforce don’t really think about it. They put money into the 401k provided by their employer and focus on their financial needs in the moment. Unfortunately, this lack of true planning leads to a lot of misconceptions about retirement best practices. Here are seven assumptions you may be making about retirement, along with the reality you need to be aware of.

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Topics: Retirement Plan Services, Trusts & Estate Planning

Are You Losing Sleep Over Your Finances?

Posted by Tony Blasini, CPC, QPA

Would it surprise you to learn that more Americans are losing sleep over their finances now than they did during the Recession? Nearly two-thirds of all Americans (65%) are losing sleep over their money worries, which is up 3% from the financial crisis, and more than a third of those (37%) are sleepless thanks to worrying about their retirement. But planning for retirement doesn’t have to fuel your anxiety. Today’s post will give you an overview of how much you need to save for retirement, discuss planning for retirement, and share tips to help you get started.

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Topics: Retirement Plan Services

Could Selling Your Business be Enough for Your Retirement?

Posted by Tony Blasini, CPC, QPA

You may be like a lot of small business owners (39%) and generally plan on selling your business to fund your retirement, especially if your revenue is about $500,000 (52%). Are you also among the 30% that have no succession plan for their company, or the 17% that haven’t even identified a potential buyer? It’s an unfortunate misconception in small business retirement planning to think that just selling a company is a safe bet for long-term goals.

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Topics: Retirement Plan Services

Don’t Let Money Take Control of Your Retirement

Posted by Tony Blasini, CPC, QPA

Would it surprise you to learn that more Americans are losing sleep over their finances now than they did during the Recession? Nearly two-thirds of all Americans (65%) are losing sleep over their money worries, which is up 3% from the financial crisis, and more than a third of those (37%) are sleepless thanks to worrying about their retirement. But planning for retirement doesn’t have to fuel your anxiety. Today’s post will give you an overview of how much you need to save for retirement, discuss planning for retirement, and share tips to help you get started.

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Topics: Retirement Plan Services

7 Common Mistakes you find in Retirement Plans

Posted by Tony Blasini, CPC, QPA

As a small business owner, sometimes it can be challenging to run a business and at the same time make sure that your retirement plan is being administered correctly and kept in compliance with IRS and DOL regulations.

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Topics: Retirement Plan Services

The Importance of Knowing Who is Administering Your Company 401k

Posted by Tony Blasini, CPC, QPA

Saving for retirement should be easy, but there’s a host of federal regulations and financial considerations that can make providing a reasonable plan to your employees complicated. That’s where having a trustworthy 401k program provider becomes incredibly important. A provider is responsible for ensuring that the entire plan functions (including handling various tasks like onboarding new participants and filing the appropriate forms) and that it does so legally and to the benefit of both the sponsor and participants. Businesses can find a bundled or unbundled solution for each aspect: non-producing administrators (i.e., focus on compliance), record keepers, and fiduciaries (i.e., investment managers that take on a certain amount of liability), trustee and custodian.

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Topics: Retirement Plan Services, Investments, Corporate

What Employers Need to Know About 401(k) Rollovers

Posted by Tony Blasini, CPC, QPA

When an employee leaves your company, there’s a number of ways to handle the investments in their 401(k). You and the employee that’s leaving need to understand what’s the best fit for the money in question, such as whether to utilize 401(k) rollovers or withdraw the funds. Below we’ll discuss the pertinent benefits and costs to help you make the right decision.

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Topics: Retirement Plan Services, Investments, Corporate

 


 

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