An attorney can be an invaluable asset when it comes to setting up business retirement plans. They will have a thorough understanding of the legal requirements and obligations that come with such arrangements, as well as be able to offer advice on how best to structure them for your specific needs. What’s more, if your business is in real estate, there’s no better person to ask for help than a real estate lawyer. This article highlights some of the key benefits of seeking legal advice when setting up business retirement plans:
Knowledge of the Most Appropriate Retirement Plan
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Lawyers set up qualified retirement plans for businesses, based on things such as the company size and goals. From IRAs to Roth IRAs, SEP-IRA, and SIMPLE IRAs, not to mention 401(k) plans – they can help you determine which one is best suited for your business. They are proficient in all aspects of investing from 401(k)s and defined benefit plans to cash balance plans, stock option plan strategies, money purchase plans, as well as ESOPs and profit-sharing solutions.
Assistance in Complying with Legal Requirements
Attorneys are experts when it comes to understanding and complying with legal requirements related to setting up a retirement plan. This includes knowing whether the plan meets the criteria of the Employee Retirement Income Security Act (ERISA) or Internal Revenue Code (IRC). They’ll also be able to provide advice on tax implications and legal guidelines related to each option. It’s easy to miss out on these details but a legal professional will do all that work for you.
Assistance in Attracting and Retaining Qualified Employees
One of the main goals of setting up a savings option is to attract and retain qualified employees, which can be difficult for smaller businesses. A lawyer can provide advice on how to structure the plan so that it meets the needs of your business while still being attractive to potential employees. Remember, how your business is structured and how you communicate the retirement plans to your employees can make a huge difference in their decision to stick with you for the long haul. An experienced attorney is best equipped to offer insight on how to properly structure and present your plan.
Guidance on Choosing the Appropriate Investment Options
Real estate lawyers are well-versed in long-term investment options that are appropriate for savings, so they can help you determine which are likely to provide the greatest returns while still being consistent with your risk tolerance and goals. Generally, they will also be able to recommend outside advisors, such as financial planners and consultants, who can provide more detailed advice on the best investment options. They can also advise on how to diversify your plan, as well as when and how to make changes based on the changing markets.
Conclusion
When setting up a business savings plan, enlisting the help of an attorney is essential. They are experts in establishing and managing such plans, which means they can offer expert advice on choosing the right type that complies with the legal requirements. Therefore, working with them will not only ensure that your business retirement plan is set up correctly but also help you can retain the best employees, ensuring you reap benefits for years to come.