Financial advisor Todd Wilhoit reveals small business wealth management and financial planning essentials - Stevensville, Maryland

Todd Wilhoit, financial advisor and owner of Chesapeake Investment Planning has just revealed three critical aspects of small business financial planning - Stevensville, Maryland.

Financial advisor Todd Wilhoit, owner of Chesapeake Investment Planning in Stevensville, Maryland, has just revealed three critical aspects of small business financial planning.

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When asked to comment, Wilhoit said, “Small business owners are often busy juggling their business and employees. At Chesapeake Investment Planning, we work to ease this burden by ensuring our clients don’t overlook the following three aspects of their financial plans for the future.”

1.) Retirement Plan for Employees

One aspect that needs particular attention, according to Wilhoit, is preparing a solid retirement plan for employees of smaller businesses.

“We spend time with our clients to choose and set in motion a retirement plan for the owner and their employees that is cost effective and has a high match on retirement savings,” Wilhoit said.

“In doing so, we collaborate with our clients to select the retirement plan – whether it’s a simple IRA or a 401K for example – and tailor it to their needs based on affordability and financial goals,” he said.

Wilhoit added that a solid retirement plan for employees is essential if business owners want to retain their highly qualified employees and helps avoid a high turnover rate.

2.) Disability and Life Coverage

Another thing, according to Wilhoit, that a small business owner should take into account is disability and life coverage.

When asked to elaborate, he commented, “Taking out disability and life coverage is important on two fronts: firstly to make sure that both the owner’s business and family are taken care of in case something happens.”

“We recommend having a buy-sell agreement in place to decide who will take over after an owner becomes incapacitated or passes away,” Wilhoit said.

Wilhoit further added that he makes sure that the buy-sell agreement is funded, so a transaction can take place, an oversight he often encounters when looking at buy-sell agreements.

3.) Revisit Tax Benefits

The final aspect of financial planning for the future, according to Wilhoit, is reviewing a business owner’s tax strategy on an annual basis.

“Because of the evolving tax legislation, we encourage our clients to continually work with their tax accountants to ensure they are maximizing any tax savings,” he said.

Wilhoit further added that this is particularly true in light of the recent changes introduced by the new tax reform at individual and business levels.

Chesapeake Investment Planning works closely with local CPAs and estate planning attorneys to ensure that their clients are receiving the best service possible in this regard.


Contact Info:
Name: Todd Wilhoit
Email: Send Email
Organization: Chesapeake Investment Planning, LLC
Address: 310 Love Point Rd, Stevensville, MD 21666
Phone: (443) 249-3514

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Release ID: 303402