A financial plan should include a review of your goals and objectives, net worth, cash flow, investment portfolio, insurance, and taxes. These are the building blocks used to create projections and to design a plan for implementing strategies to achieve your goals. It can also include probabilities of success for meeting your goals to ensure the peace of mind for which we all strive. Reach out to our team at Legacy By Design to start discussing your financial planning in Oklahoma City, OK.

A big part of an effective plan is becoming aware of and addressing the risks that may lie ahead. Insurance helps protect you and your loved ones against catastrophic events. Health insurance, life insurance, disability insurance, auto insurance, and home insurance can all be considered in a financial plan. A financial planner can analyze existing policies for their cost effectiveness and benefits to you and your family. If you need help with your financial planning in Oklahoma City, OK, reach out to us!

Accountants are great, don’t get us wrong! The difference is that we specialize in tax law and strategies that are more complex than you’ll find in typical accounting practices. Work with a tax strategist in Oklahoma City, OK by giving us a call!

We will need your personal and business taxes including your 1040 or Schedule C.

Your articles of incorporation, form 5500, and up-to-date company census.

Do I need to enroll in Medicare Part B if I am not exiting my job at age 65?

No, you do not need to enroll in Part B if you keep your group coverage and that coverage is considered "credible" by Medicare. This is a very important part of successful retirement planning. Schedule a 15-minute call with us today to check your employer benefits and confirm if they meet Medicare requirements.

How do I exit my employer's group coverage when I become eligible for Medicare?

You need to have your HR personnel complete form CMS L564 and apply for Medicare Part B.

Questions Surrounding Human Resources:

What are the most common voluntary benefits?

Health insurance, Retirement savings plans, Dental insurance, Life insurance, Vision insurance, Accident and disability insurance

1) What is the impact of group benefits on the company’s bottom line, and how can we share costs with employees in a way that remains attractive to talent?

The best news to Businesses today is that you can exit the expensive (sometimes completely unaffordable) group health plans. Opting instead to choose to provide a set benefit structure

through an ICHRA or QSEHRA in partnership with an individual ACA Marketplace Plan. This solution is both affordable to the employee and cuts costs from the employer’s budget.

2) Employee Understanding and Communication

Are employees fully aware of what benefits are offered and how they work?

Are open enrollment processes streamlined and easy for employees to navigate?

Our team facilitates communication to ensure that employees understand their benefits as well as when to enroll. Open enrollment reminders both electronically and physically are sent out to

employees.

3) Attraction and Retention of Talent

Are the benefits packages aligned with industry standards or better?

What additional perks can be added to attract top talent (e.g., mental health support, wellness programs)?

Is the company offering benefits that appeal to a diverse workforce (e.g., families, single employees, or older workers)?

Today’s Marketplace solutions provide top competitive benefits that today’s families are needing around the areas of mental health, and wellness programs. By not locking the group into a hefty group plan, each employee can tailor the benefits their specific family needs. Whether it’s family planning around maternity benefits or mental health benefits to help offset

costs for children with autism, your employees will gain access to comprehensive planning tailored to their individual needs.

5) Administering Benefits Efficiently

Are there user-friendly tools or systems in place for administering benefits (e.g., a

benefits platform or software)?

We have carrier provided platform for managing payroll and simplifying the tasks to help human resources and payroll.

Is the HR team adequately staffed and trained to manage benefit administration

effectively?

We have an onboarding process to work with your team to get them up to speed fast and we provide ongoing support as well.

1) Is my business required to comply with ERISA regulations?

• Employers include Corporations, LLCs, Scorps, Sole Proprietors, and nonprofits.
• Failure to comply with ERISA can result in penalties, such as a fine of up to $5,000 or imprisonment for up to one year.
• ERISA regulates employer-sponsored health plans, pension plans, profit-sharing plans, and retirement plans.

2) What reporting and disclosure requirements does ERISA impose?

• ERISA imposes certain requirements on employers (who also usually act as plan sponsors and plan administrators) that offer health and benefit plans to employees. There are several distinct areas of ERISA compliance, which include maintaining compliant plan documents and corresponding operations, adhering to fiduciary obligations, meeting fidelity bonding requirements, submitting annual Department of Labor (DOL) reporting and providing participant disclosures.
• Participant disclosures that are required for ERISA plans include the Summary Plan Description (SPD), the Summary of Material Modifications (SMM), the Summary Annual Report (SAR) for funded plans with Form 5500 filing requirements, and the Summary of Benefits and Coverage (SBC) for plans that are also a group health plan.

3) How can I minimize the risk of ERISA violations?

• As the DOL, IRS and Health & Human Services (HHS) have increased their compliance enforcement for group health & welfare plans, it’s important for employers to take control of their plan responsibilities and partner with insurance brokers who proactively identify compliance issues and not just provide passive solutions.
• Work with your broker to perform an annual compliance risk assessment.

Understanding these aspects of ERISA is crucial to managing employee benefits in a compliant and ethical manner while protecting both your business and your employees

In our opinion, everyone who is not already a tax strategist should be hiring a tax strategist in Oklahoma City, OK! Chances are extremely high that you are over-paying the IRS and more of your hard-earned money could be going to investments that will help you reach your goals or add to your bank account!

In its simplest form, an annuity is a contract between you and an annuity provider, which is usually an insurance company. You give the insurer money, and in return, they give you a guarantee to return the money plus interest (deferred annuity) or an income stream starting fairly soon (immediate annuity.) Learn all about fixed annuities in Oklahoma City, OK by speaking with a member of our team.

The following are the most common employer-provided voluntary benefits:

• Health insurance
• Retirement savings plans
• Dental insurance
• Life insurance
• Vision insurance
• Accident and disability insurance

Make sure you take advantage of voluntary employer benefits in Oklahoma City, OK by working with our team!

No, you do not need to enroll in Part B if you are keeping your group coverage and the coverage is considered "credible" by Medicare. This is a very important part of successful retirement planning. Schedule a 15-minute call with us today to check your voluntary employer benefits in Oklahoma City, OK to confirm if it meets Medicare requirements. 

You need to have your HR personnel complete form CMS L564 and apply for Medicare Part B. Reach out today to learn more from a retirement planning advisor in Oklahoma City, OK.