Wealth In Waves

In this episode, hosts Josh Null and Will Steih discuss 401k plans from a business owner's perspective. They discuss if there is a best time of the year to offer a plan to your employees and how the Secure Act changed some of the filing deadlines starting with the 2020 plan year. They also discuss the benefits of having a 401k plan for attracting and retaining employees, especially in a tight labor market. Lastly, they remind existing plan sponsors that it's probably a good time to "benchmark" their plan to see if it is as competitive as possible, with the market offering lower fees and higher service than years past.

Want More Wealth In Ways? You can find all episodes of Wealth In Waves by visiting https://gulfcoastfa.com/podcast.

Want To Know More About Will and Josh? If you would like to continue the conversation with Josh and Will, make an appointment on our website at https://gulfcoastfa.com/, or feel free to call 251-327-2124 or email [email protected].

Per Wikipedia, Inflation is a "general rise in the price level of an economy over a period of time. When the general price level rises, each unit of currency buys fewer goods and services; consequently, inflation reflects a reduction in the purchasing power per unit of money – a loss of real value in the medium of exchange and unit of account within the economy". While this is a concise summary, this does not fully encompass the effect of inflation on different groups of people in today's modern economy.

In this episode, hosts Will Steih and Josh Null discuss the impact of inflation and interest rates, particularly the current threat of rising inflation, and what it means to different groups of borrowers, investors and business owners.

Want More Wealth In Waves? You can find all episodes of Wealth In Waves by visiting https://gulfcoastfa.com/podcast.

Want To Know More About Will and Josh? If you would like to continue the conversation with Josh and Will, make an appointment on our website at https://gulfcoastfa.com/, or feel free to call 251-327-2124 or email [email protected].

Baldwin County is geographically huge and diverse county situated along the Gulf Coast of Lower Alabama, across Mobile Bay from Mobile, Alabama. Baldwin County also happens to be one of the fastest growing counties in the South / Southeast, and arguably the entire United States by percentage of population growth. Why is this? What attributes does Baldwin County offer that have consistently compelled people and businesses from all over the US to move there? Why is that rate of growth only increasing? What does the future hold for Baldwin County, Alabama?

In this episode hosts Will Steih and Josh Null welcome Lee Lawson, the President and CEO of the Baldwin County Economic Development Alliance (BCEDA) to answer these questions and so much more. Lee gives insight to his role in bringing jobs and opportunities to the growing population of Baldwin County, plus provides a behind the scenes look to why his organization, and Baldwin County, have been so successful.

Tune in to learn:

Lee's role in coordinating prospective businesses, communities, chambers of commerce and other local groups to land new development and job opportunities for the residents of Baldwin County

Current growth statistics and long term projections for Baldwin County

Recent success stories of where Baldwin County competed with other areas of the country for business development, and won

What Lee says when presenting the benefits of Baldwin County to prospective businesses

/// You can find our previous podcast episodes by visiting here . If you would like to continue the conversation with Josh and Will, make an appointment on our website at gulfcoastfa.com, or feel free to call 251-327-2124 or email [email protected].

To the surprise of no one, our current political leadership is currently discussing the first federal income tax increase since 1993. Some of the key talking points are increasing the top marginal tax rate by nearly 3%, from 37% 39.6%, and particularly targeting those with incomes of $400,000 or more. Also on the table are raising the corporate tax rate from 21% to 28%. What hasn't been explicitly discussed – yet – is the Estate Tax Exemption of $11.7 Million (per person) for 2021, but there are indications that revisiting the exemption amount and corresponding tax rate are on the agenda.

In this episode, Will Steih and Josh Null discuss how these political and tax policy decisions filter down to impact business owners and high-income earners along the Gulf Coast.

If you would like to continue the conversation with Josh and Will, make an appointment on our website at https://gulfcoastfa.com/, or feel free to call 251-327-2124 or email [email protected].

As the availability of pensions has decreased over the past decades, particularly in the private sector, lifetime income needs for retirees has often been addressed with the use of insurance-company provided annuities. Given that these products typically come with a commission and often only require an insurance license to sell, the best interests of the investor has not always been served. The commission structure of annuities is often an issue for fee-only and fee-based fiduciary financial advisors as well. Setting the issue of commissions aside, the promise to provide guaranteed lifetime income often came with a hefty price to the investor. Add in portability issues, and it has become apparent that a better solution for lifetime income has been needed for some time.

Income America aims to step in and fill this gap. The result of several industry leaders joining forces, Income America 5ForLife is a series of target-date portfolios that provide guaranteed lifetime income. With Income America 5ForLife, a lifetime income guarantee of 5% per year, beginning at age 65, is built into the portfolios—offering protection against market uncertainty during retirement.

In this episode, Will Steih and Josh Null are joined by Matthew Wolniewicz, the President of Income America, to discuss the events and collaboration that resulted in the Income America offering. Matt discusses his own experiences and frustrations with the lack of fiduciary guidance and products available to retirees seeking lifetime income.

If you would like to continue the conversation with Josh and Will, make an appointment on our website at https://gulfcoastfa.com/, or feel free to call 251-327-2124 or email [email protected].

If you or one of your fellow business partners were to become disabled or retired or pass away prematurely, who would gain control of the ownership share of the business? Once that fundamental question is answered in a written Buy-Sell Agreement, the next step is to provide funding so this transition can be financially completed.

There are important concerns that can be answered by a well structured Buy-Sell Agreement - assignment of day to day responsibilities, cash needs of surviving heirs, handling of different personalities - but the main question remains how to financially replace an owner if they make a planned or un-planned exit from the business. A written but unfunded Buy-Sell agreement, while legally binding, is really nothing more than a promise that payment WILL be made but doesn't provide the mechanism of how the payment will be delivered.

In this episode, Will Steih and Josh Null discuss why you should have a fully funded buy-sell agreement and give practical tips on how to accomplish that.

If you would like to continue the conversation with Josh and Will, make an appointment on our website at gulfcoastfa.com, or feel free to call 251-327-2124 or email [email protected].

Employee retention, especially in highly competitive industries and/or a tight labor market, is an issue facing many business owners. How do you attract, retain, and keep satisfied the most talented and productive members of your labor force?

Many business owners have learned the hard way that just throwing additional dollars at the employee in the form of increased salary or cash bonuses only goes so far, and once the money is spent, there's no real control over the outcome. Some business owners decide to use only the "stick" part of the employee retention equation via non-compete agreement, but sometimes adding a "carrot" can make this medicine go down much easier.

In this episode, Will Steih and Josh Null discuss one possible concept for business owners to consider as a solution called "Non-Qualified Deferred Compensation (NQDC). NQDC can be a useful tool to attract and retain talent while maintaining some control over the agreement.

You can find our Non-Qualified Deferred Compensation resource center by visiting gulfcoastfa.com.

If you would like to continue the conversation with Josh and Will, make an appointment on our website at https://gulfcoastfa.com/, or feel free to call 251-327-2124 or email [email protected].

Pensions, or Defined Benefit Retirement Plans, have historically been the domain of large Fortune 100 companies and public sectors employers. Can a privately held small business (50 employees or less) create a defined benefit type plan for it's owners and employees?

In this episode hosts Will Steih and Josh Null discuss one possible pension-like solution for small business owners to consider: a Cash Balance Plan. If you're a small business owner with an appetite for additional savings above your 401k contribution limits, tune into this episode to learn:

- How a business owner with a fully funded 401k can layer a Cash Balance Plan on top to provide additional future retirement income.

- How a Cash Balance Plan affects a business owner's overall tax strategy & tax efficiency.

- How a Defined Benefit Plan can be used to fund retirement income needs above qualified plan contribution limits, particularly with highly compensated owners and employees.

Learn more by visiting our Cash Balance resource page at gulfcoastfa.com

If you would like to continue the conversation with Josh and Will, make an appointment on our website at https://gulfcoastfa.com/, or feel free to call 251-327-2124 email [email protected].

Welcome to Episode 1 of the Wealth in Waves Podcast, a show dedicated to all you busy folks out there making it happen along the Gulf Coast! To our listeners in New Orleans, Destin, Mobile, Santa Rosa Beach, Gulfport, Pensacola, Biloxi, and of course, our home base of Fairhope, Alabama, if you're plugged into your work, your family, and your faith, you've found your show!

In this episode, Will Steih and Josh Null discuss their respective journeys to creating the Wealth in Waves podcast, focusing on the "what's the point" of the show, especially how we hope the show will be used to help our clients become more educated and confident in their financial decisions.

You can find our other podcast episodes by visiting https://gulfcoastfa.com/podcast. If you would like to continue the conversation with Josh and Will, make an appointment on our website at https://gulfcoastfa.com/, or feel free to call 251-327-2124 or email [email protected].