CEDAR POINT FEDERAL CREDIT UNION
Serving Southern Maryland since 1945

Small Business Planning Services

When planning services are relatively simple and we expect either insurance or investment product is appropriate, we offer services on a no-fee basis. In those cases, compensation is derived from the implementation of product.

When planning services are more complicated or either insurance or investment product is not appropriate, we offer services on a fee basis. In complicated planning cases where either insurance or investment product is appropriate, we offer a fee-offset program.

Complicated planning services include, but are not limited to, the following:

• Business Planning
• Business Continuation
• Selective Employee Plans
• Employee Benefit Plans
• Fringe Benefit Plans
• Retirement Planning
• Wealth Accumulation & Management
• Estate Planning
  
  Business Planning
  
  Owning and operating a business has always been an enormous and risky responsibility. Today’s fast paced economic and technological environment makes it more difficult than ever to satisfy customers, retain quality personnel, stay ahead of the competition, and earn a profit.
  
  Regardless of your business goals, a secure financial future doesn’t happen by accident. It requires examining your current circumstances, identifying your goals and objectives, developing a plan to help achieve those objectives, implementing your plan, and periodically reviewing your plan.
  
  Cedar Point Financial Services, Inc. can provide counseling and planning services to help assure that what you’ve worked so hard to develop...for your business, your employees, yourself, and for your family...will be afforded the best opportunity to come to fruition.
  
  Business Continuation
  
  Most business owners are concerned about the adverse effects that risks such as death, disability, or losing a key employee will have on their business regardless of whether they are in the start-up, growth, maturation, or transfer phase of the business cycle. Business continuation planning is developing and implementing a strategy to ensure that your business, and the people whose incomes and lives depend upon it, will succeed when you’re no longer at the helm.
  
  Selective Employee Plans
  
  Quality employees who, like you, want to see the business grow and succeed are a key asset to any business. Attracting, motivating, retaining and rewarding those people is critical to business planning. Equally important is making certain that you are rewarding yourself with maximum benefits.
  
  Traditional benefit plans, while vitally important, generally cannot provide the level of income at retirement that you or your key employees deserve. There are a variety of plan options that, depending upon how your company is structured, allow you to provide enhanced, tax-favored benefits to yourself and selected key employees. The most common are:
• Overlay Plans
• Supplemental Executive Retirement Plans (SERPs)
• Executive Bonus and Restricted Bonus Plans
• Split Dollar/Reverse Split Dollar Plans

Employee Benefit Plans

Traditional employee benefit plans are the fastest growing expense for many employers*, thus, should be analyzed with the greatest scrutiny. We offer expertise in crafting, improving and implementing employee benefit plans. Like you, we have your employee’s best interest at heart. Because we understand business, we develop programs that maximize your company’s investment and take advantage of all available tax strategies.

*Bureau of Labor Statistics, July 2000


Fringe Benefit Plans

Health care has been at the national forefront for many years and it may be the most important element in employee benefit plans. We work with you to stay abreast of this fast changing field by tailoring plans which best meets your particular needs. We offer provider plans of traditional indemnity, HMO, PPO, and self insurance. Our clients are assigned their own personal account manager backed-up by a department dedicated to servicing their needs. While health care is a core need, there are other areas which demand attention such as: short and long term disability, dental, prescription, vision, and life/accidental death and dismemberment. To tie these plans together, we offer various “Cafeteria” plans also known as Flexible Spending Plans which afford tax saving strategies under Section 125 of the Internal Revenue Code.

Retirement Planning

Under present tax laws, you can provide a valuable tax-qualified retirement plan to your employees paid with pre-tax business dollars. We offer complete planning services in this area, including actuarial analysis, annual plan valuations, annual benefit statements, and preparation of government forms. Some of the tax-advantaged plans are: Qualified Pension and Profit Sharing Plans, 401(k) Plans, SIMPLE Plans, SEP’s, 403(b) Plans, 457 Plans, and regular IRAs.

Wealth Accumulation & Management

Accumulating wealth for financial security is a goal that requires planning and discipline. Whatever financial security means to you, it begins with a plan for accumulating wealth.

Unfortunately, Americans have one of the lowest savings rates in the industrialized world**. Couple this unwillingness (or inability) to save with spiraling college costs and the current uncertainty about Social Security and many may face cash shortages when it may be needed most.

There are many ways to begin a wealth accumulation and management program, but there a two fundamental principals:

• Save money regularly and consistently.
• Develop a sound strategy and stick to it over the long term.

We provide long-term counseling and planning that helps you achieve your goals. We start with an interview from which we help you:

• Define your long-term goals,
• Define your time horizon, and
• Discover your risk tolerance.

We then work closely with you to establish a long-term strategy and help you stay-the-course in order for you to achieve financial security.

**Financial Profiles Inc., May 1999

Estate Planning

Estate planning is a vital component of lifetime financial planning, yet, many people leave the biggest financial questions unanswered......

Who will receive my accumulated wealth?

Many people think that estate planning is for the very wealthy. But that is simply not true. With a proper estate plan, you have the opportunity to minimize transfer costs and pass your accumulated assets according to your wishes.

Without a proper estate plan, State law will determine who inherits your assets. Further, the court appoints administrators who may not have ideas compatible with yours, you may pay unnecessary taxes and expenses, and your family may be forced to sell assets.

We begin by establishing a process which:

• Examines your current circumstances,
• Identifies your current needs and objectives,
• Evaluates your current plan,
• Helps develop a revised plan if necessary,
• Implement the plan, and
• Periodically reviews and updates the plan.

Working with your other trusted advisors, such as an attorney or accountant, we help you create an estate plan which assures that your estate is distributed according to your wishes on the most tax-efficient basis allowable by law.

This page was updated:
August 15, 2007 11:04