7 More Family Office Resources:

• SIMPLE IRA Family Office Definition: SIMPLE IRA SIMPLE IRA definition:  A SIMPLE IRA is a tax-deferred retirement savings vehicle for self-employed or small (family) businesses.  SIMPLE stands for Savings Incentive Match Plan for Employees of Small ...
• Independent 401(k) Family Office Definition: Independent 401(k) Independent 401(k) definition:  An independent 401(k) is a tax-deferred retirement savings vehicle for self-employed (family business owners). No outside employees are permitted, only immediate family members. Testing and compliance ...
• Profit Sharing Plan Family Office Definition: Profit Sharing Plan Profit Sharing Plan definition:  A profit sharing plan is a method for sharing business profits with employees by making discretionary contributions.  Profit sharing plans are defined contribution retirement ...
• Medical Savings Account Family Office Definition: Medical Savings Account Medical Savings Account definition:  A medical savings account (also called Archer MSA) is a tax-exempt savings vehicle for medical expenses for self-employed individuals (or small business or family ...
• 408(k) plan Family Office Definition: 408(k) plan 408(k) plan definition: A 408(k) plan is a simpler version of the 401(k) plan for self-employeed or small (family businesses). Both employee and employer can make tax-deductible contributions. Money in ...
• Health Savings Account Family Office Definition: Health Savings Account Health Savings Account definition:  A health savings account (HSA) is a tax-exempt savings vehicle for medical expenses. Family members may make contributions on behalf of other individuals. Money ...
• Tax-Deferred Account Family Office Definition: Tax-Deferred Account Tax-Deferred Account definition:  Tax-deferred accounts include IRAs, deferred annuities, and 401(k) plans. Tax-deferred accounts benefit from tax-free growth until withdrawals are made. The ideal use of tax-deferred accounts is ...