The ones we leave behind

True story:

Having spent 25 years in the life of insurance business, Mike primarily works with farmers and ranchers over the age of 50, helping to provide wealth transfer strategies. Mike says, “It’s not about us. It’s about the loved ones we leave behind.” On September 13, 1993, Mike learned in a very personal way what a difference life insurance can make in the lives of survivors. Less than one year after selling his youngest brother Mitch a $100,000 permanent life insurance policy, Mitch was tragically killed in a grain bin accident while trying to help another brother deliver family corn to market. Only 29 at the time, he left behind his yound wife Sheila, 5-year-old daughter Cassie and very few assets. “When I sold him the policy, he could hardly afford it. My purpose in selling him the whole life policy was two-fold: I wanted to afford him protection for his wife and child, and I wanted him to start putting away something for the future. Little did I know that he would need it soon.” Mike comments.

Sheila was unaware of the policy’s existence, and as she and Mike’s father worried over how to cover funeral expenses, Mike was able to offer both comfort and relief. “In highly emotional time, it took all the financial worries away, “ Mike says. Part of the money was placed in a unified gift to minors for daughter Cassie, and she is currently attending college through the use of those funds. An excellent steward, Sheila purchased a newer look to the furniture, his family members are better equipped to enjoy the present.

Story submitted by M. DeBoer, Ohio Nation General Agent – Form T-3388 Rev 8-06 (Go to Ohio National by using the link provided at the bottom of this page)

Dealing with he Tough Issues, Succession Issues, Compensation and Ownership Issues, Competing Interests, Active and Interactive Children, Estate Equalization Through Life Insurance, Buy-Sell Agreements, Redemption, Family Partnerships, (retention of control is one of the most attractive, if not the most attractive, characteristic of a family limited partnership), Valuation Discounts, Pay Roll, Benefits, Supplemental Executive Retirement Plans (SERPs), Split-Dollar Plans, and Executive Bonus Plan. Get Started Now.

Retirement Planning

You don’t need me to tell you that times are tough. After all, between the nightly news, the remaining newspapers in circulation, and the myriad of websites, it would…

Broadly speaking, there are two kinds of mutual funds: actively managed funds and index funds. Actively managed funds are run by investors managers who make frequent buy…

Note: This website provides general (not comprehensive) description of insurance based products. All contracts are between the owner and a Insurance Company. For more detailed data (information) you must have a insurance review and will be based on the information (data) provide by the family. Please see brochures that relate to the product or service needed for more detailed information. See a Tax Professional for current tax law and a Attorney for current law as it relates to your situation. No Solace Wealth agent provides tax help or legal advice.

For specific coverage, refer to a complete proposal containing a description of particular benefits, limitations and exclusions. Product, product features and riders availability vary by state.

Regarding products: Not a deposit, Not FDIC Insured, Not Guaranteed by any bank, Not Insured by any government agency, May lose value.

Guarantees are based upon the claims-paying ability of the issuer. Thank you so much for thinking about someone you love.

10 Signs of Fishy 401(k)s

It may be suitable for some to research other retirement accounts as the article below points out warning signs.

10 Signs of Fishy 401(k)s
By Mary Dalrymple
February 23, 2007

As found at the following website:

Many of us get instantly suspicious of anything that promises weight loss or quick riches, but few of us have ever had reason to suspect that something was amiss with our 401(k) plans. Happily, most of us will never have to lose a wink of sleep over that dreadful possibility. However, the fine people at the Labor Department make it their business to be suspicious of some 401(k) plans, particularly when they get complaints from participants. The department has uncovered some cases in which companies have abused employee contributions, either by using the money for other purposes or by hanging on to the money for too long.

The Labor Department has assembled 10 warning signs that your 401(k) contributions may be misused. Make sure none of these sound familiar to you:

1. Your 401(k) statement is constantly late or shows up irregularly. Most plans will issue statements on a monthly or quarterly basis. Often, you can get instant access online. One late statement shouldn’t cause much worry. If you see a pattern of irregular or extremely late statements, do a little more investigating.

2. Your account balance does not appear to be accurate. You should have a pretty good idea of what’s in your account based on your paycheck stubs. If your reported contributions don’t match the amount you’ve asked to have deferred from your paycheck, there may be trouble.

3. Your employer failed to transmit your contribution on a timely basis. Those deposits should be made as soon as feasible, but no later than the 15th business day of the month after your employer withholds the money form your paycheck. Learn more about timely contributions from your employer to your 401(k) account.

4. There’s a significant drop in your account balance that cannot be explained by market conditions. Look back at your old statements and check the performance of your investments. If something’s still missing, it might be your money.

5. Your 401(k) statement shows that a contribution from your paycheck never got deposited. Check on this immediately. It’s always possible it’s just a once-in-a-blue-moon error, but on the other hand, your employer could be misusing your money. Either way, you’ll want to make sure those funds get into your account as soon as possible.

6. You did not authorize the investments listed on your statements. Under normal circumstances, you should be in control of all your investment decisions. If your plan changes its investment options, it should give you plenty of notice. If things change suddenly and without warning, check it out.

7. Former employees have trouble getting their benefits paid on time or in the correct amount. You’re funding this account so you can someday use the money in retirement. If other employees have a hard time accessing their benefits, it may be a sign that the money’s not there. Once you retire or leave your job, you can get more control over your money by rolling your balance into an IRA.

8. You notice unusual transactions, like a loan to your employer, a corporate officer, or one of the plan trustees. Run – don’t walk – to your nearest Labor Department office and ask them to check it out.

9. You notice frequent and unexplained changes in the investment managers or consultants. Your 401(k) administration system should stay relatively stable, so these signs of instability could signal that something’s gone wrong.

10. Your employer has recently experienced sever financial difficulty. The Labor Department has noticed that many 401(k) violations occur when a company gets into hot water. If you know that your company’s seriously struggling, pay closer attention to your retirement account. If you see any potentially nefarious behavior, contact the Labor Department’s Employee Benefits Security Administration for help. It’s in charge of enforcing the laws governing pensions and other retirement accounts. And while you’re at it, stay away from those instant-weight-loss and get-rich-quick schemes too.

People who may need to rethink their Estate Plan

estate planning murfreesboro

Dollar for dollar, life insurance may be one of the best investments you will ever make for your family, your business and yourself.

1. Business owners – If you don’t know where you are going, you might not know when you get there.

2. Professional people – A good plan implemented now beats a great plan someday.

3. Executives – There are two phases to wealth accumulation… getting it and keeping it.

4. People of wealth; You can spend 30 or 40 years putting it all together. The IRS can take it apart overnight unless you have the foresight to plan.

(Attorneys and accounts may compute the estate tax, but they won’t pay it.)

Supplemental Executives Retirement Plans (SERPs)

supplemental executive retirement plans

Supplemental Executives Retirement Plans (SERPs) – ONFS form 2303 Rev. 1-06 for all data

Increase the Retirement Benefits of Your Key People, many business owners enhance their employee benefits to place golden handcuffs on their key employees. A SERP is a nonqualified plan, which can provide enhanced retirement benefits for select executives.

The appeal of nonqualified supplemental retirement plans is the ability to tie quality executives to a business by making retirement benefits conditional and too worthwhile to leave behind. As such, the promised benefits can help keep quality people with a business for the long term.

How SERPS work:

  • The company contractually agrees to pay the executive an annual retirement income. The agreement may specify that if the executive die before retirement, an annual benefit will be paid to the executive’s beneficiary.
  • The company informally funds it’s obligation by purchasing insurance on the life of the executive. The company pays the entire premium to Ohio National and is the policy owner and beneficiary.

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  • The company controls the cash value of the policy during the executive’s lifetime and receives the entire proceeds upon the executive’s death.
  • At retirement, the company pays benefits from the current cash flow or cash value of the policy.
  • Upon the executive’s death, the executive’s beneficiary receives benefits according to the terms of the agreement.


1. The plan place “golden handcuffs” on key people
2. IRS approval is not needed to install the plan, and only minimal Department of Labor (DOL) requirements that apply.
3. The business is free to select eligible participants.
4. The plans offer flexible benefits,
5. The business can recover all cost, including the time value of money tied up in the plan.


1. There is no plan cost and the employer makes 100 percent of the plan contributions.
2. Benefits can fit individual needs and provide retirement security.
3. There is no reverse discrimination for highly compensated employees as there might be in a qualified retirement plan.
4. The plan serves as a tax-deferred retirement benefit.

To learn more ask for the information in brochure format.