Financial Services

 Financial Planning

Common sense planning for the future! We start the journey with you by taking the time to listen and truly understand you personally.  Together, we carefully chart a course to pursue your financial success. We recognize that each person’s situation is different, so we develop a financial plan that focuses on helping you accomplish your personal goals. 

Horizon Insurance has partnered with Pillar Financial to help give you the highest level of service possible. We offer a range of products to help you build and secure your future. Whether your financial future includes paying college tuition, purchasing a new home or retiring with security, we look forward to helping you reach your goals.

 Some of the products you might wish to consider:
• Traditional IRA
• IRA Rollover
• Roth IRA
• Education IRA
• 529 College Savings Plan
• Annuity
• Mutual Funds
• Employer Retirement Plans (i.e. 401 (k) plans, etc.), see Business/Qualified Retirement Plans
• Variable Universal Life Insurance, see Life/Health Insurance

Traditional IRA: This is a tax favored account that allows anyone under the age of 70 1/2 who has earned income from employment to contribute up to $3,000 per year, and is subject to certain income conditions. These contributions are tax deductible, though earnings are tax-deferred. Withdrawals are taxable and are required to begin at the age of 70 1/2. If you withdraw from the account prior to age 59 1/2 a tax penalty may apply and there are federal restrictions.*

IRA Rollover: This is a tax favored account which savings are transferred from an existing, qualified retirement plan (i.e. 401 (k) plan) to a Traditional IRA. Though contributions and withdrawals follow the guidelines as a Traditional IRA.*
Roth IRA: This is a tax favored account that allows anyone, regardless of age, with earned income from employment to contribute up to $3,000 per year, and is subject to certain income conditions. Contributions are not tax deductible and earnings are tax deferred. Withdrawals are tax-free under certain conditions, but if you withdraw from the account prior to age 59 1/2 a tax penalty may apply and there are federal restrictions.*
Education IRA: A tax favored account that allows anyone to contribute on behalf of a child. These contributions can not exceed $2000 per child per year. Limitations do exist on the contribution of any one person.*
529 College Savings Plan: This is a national college savings program authorized and created under Section 529 of the IRS code that enables individuals to save and invest on a tax deferred basis at a variable rate of return to fund college or graduate school expenses. Parents, grandparents and others are able to contribute up to $10,000 per year per beneficiary.*
Annuity: This is a contract with an insurance company that you agree to deposit a specific amount of money with that insurance company. The insurance company agrees to pay a fixed rate of interest on your funds, as long as the contract exists. The interest you earn accumulates as tax deferred. Also available are variable annuities which pay a variable rate of return. Withdrawals are taxable and if you withdraw from the account prior to age 59 1/2 a tax penalty may apply and there are federal restrictions.*
Mutual Funds: This is an open-end management investment company that combines the money of many investors and hires an investment manager to invest that money in an attempt to gain one or more financial objectives. These financial objectives can be classified as current income, capital growth and capitol preservation.*
*Our agency does not provide legal or tax advice. For specific legal or tax advice based on your situation, please contact your attorney or tax advisor.Business Group Plans

Types & Uses of Retirement Plans for Business/Group/Employees*

Simplified Employee Pension (SEP) Plan: For self-employed people and small business owners who wish to make tax-deductible contributions of up to $40,000 or 25% of their income, whichever is less, and that of their eligible employees.

Simple IRA Plan: For firms of 100 or fewer employees to establish an employee savings program for pre-tax contributions of up to $7,000 per year.
Profit Sharing Plan (Keogh** Plan): For business owners who wish to make tax-deductible contributions of up to 15% of each participant’s pay, and have vesting and loan schedules not available with a SEP.
Money Purchase Pension Plan (Keogh** Pension Plan): For business owners with predictable incomes who wish to make pre-determined tax-deductible contributions of up to 25% of each Participant’s pay.
Age-Weighted or Comparability Plan: For business owners who are older and more highly paid than most of their employees and wish to allocate contributions under a formula based on both age and salary.
Defined Benefit Pension Plan: For business owners who wish to contribute enough money each year to provide a specific benefit upon retirement. This may be beneficial to older employees with a high, stable income who need a rapid accumulation of assets over a short period of time.
401(k) Plan: For employers who wish to allow employees to make pre-tax contributions through payroll deductions of up to $11,000 per year or 25% of their pay, whichever is less.
Safe Harbor or DASH 401(k) Plan: For business owners who wish to give their employees the advantages of a 401(k) plan, while maximizing the amount they can put away for themselves.
403(b) Plan: For employees of public schools, non-profit hospitals and other certain tax-exempt organizations. Also known as a Tax-Sheltered Account.
* Our agency does not provide legal or tax advice. For specific legal or tax advice based on your situation, please contact your attorney of tax advisor.
** The term “Keogh” or “HR-10″ describes any type of retirement plan established by an unincorporated business – whether it be a profit sharing, money purchase or defined benefit plan.Estate Planning

The primary reason of Estate Planning is to accomplish the distribution of assets, to whom you wish minimizing taxation. Having a successful estate plan assures your wishes for your heirs. The initial planning process includes taking an inventory of your assets and discussing with your trusted advisors, such as attorneys and accountants, your goals for the future.

Below is a brief list of items that should be considered to when taking inventory of your assets:
• Real Estate (home or other real estate ventures).
• Savings (bank accounts, CD’s or money markets).
• Investments (stocks, bonds, mutual funds).
• 401(k), IRA, pension and other retirements accounts.
• Life insurance policies/annuities.
• Ownership in a business(es).
• Motor vehicles (cars, boats, planes).
• Jewelry
• Other personal property of worth.

The planning process is one that takes time and is ever changing. However, most people assume that estate planning is for the wealthy. Your loved ones are at risk of losing all that you have built in your lifetime. Without proper planning, you are in danger of the following:

• The transferring of your assets will be decided by the laws that govern your state.
• Court appointed administrators make the decision; where, who and how much of your assets are distributed. As well as receiving expenses for their work and a deduction to the total amount that could be given to your loved ones.
• When children are involved, it could result in a court appointed guardian.
• A family owned business could be sold without the families consent.
• Unnecessary estate taxes can be relinquished and administrative services can be incurred and deducted from your assets.

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