Executive benefits can also be offered as "a la carte" nonqualified plans that include benefits such as life insurance, disability, and long-term care insurance that are customized to fit both the needs of the executive and the needs of your business. Executives can choose the benefits they want from a wide range of options.
These types of executive compensation arrangements and benefits can help you, as an employer, promote loyalty among your most critical team members and lower your tax burden. Looking forward to the day when you might decide to exit your business or hand it down to someone else, these measures can also help you manage or even reduce the overall taxable value of your business to meet your succession-planning and estate-planning goals.
First Commonwealth Bank and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.