It is not often that I get to dive into a topic that is totally foreign to me when we start the podcast. Usually, I have heard something about the topic and have a little knowledge. The 831(b) plan was a new thing – and Ed Bryan joins me to help us understand this tax deferral and risk management opportunity.
Insurance
Tax deferral
Risk management
Plan
It's like traditional insurance. But what you're doing is building up this money, we always say with the 831B plans, they're not worth anything when we set them up. There are no funds, and there are no assets in there initially, but after two, three, four, or five years, these things have the potential to be worth millions of dollars. Ed Bryan (15:42)
I think that would be important to know how you are taxed in order to determine how much you're trying to put into an 831B plan, whether you're really trying to use it for long-term savings in some ways, or if you're really using it to mitigate risk. Michele (27:22)
We've seen a significant upswing in the last three to five years in business owners looking for real cybersecurity insurance that covers things like phishing, social engineering, and those types of things. And we're seeing a lot of pressure there, because unfortunately, people that are attacking, especially those, those hackers and cybersecurity criminals, they know that small to midsize business doesn't necessarily have the awareness in the cybersecurity that a fortune 500 company does. Ed Bryan (31:55)
Even in my coaching and consulting practice I work with my clients, I'm talking to their accountants with them, I'm talking to their bookkeepers, their financial analysts like we're working together, because everybody has a piece of the puzzle. Michele (35:47)
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LinkedIn: Michele Williams
Website: 831b.com
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Facebook: SRA831b
LinkedIn Ed: Edward Bryan
LinkedIn SRA: SRA 831(b)
YouTube: SRA 831(b)
Vimeo: 831(b)
