A business structured as a partnership creates its own special set of problems.
A jointly owned business is similar to balancing a seesaw. As long as both partners are alive, they balance each other and the business runs smoothly. But imagine what happens when one partner dies or becomes disabled.
If your partner were to die, a spouse would probably become your new partner. You would want to buy the other half of the business, but where will you get the money to do that?
Many partnerships have agreements to buy each other out in the event of one partner's death or disability. But what good is such an agreement without the money to buy?
We can create a program that will help make sure either partner will be able to buy out the other's interest in the event of death or disability.
We will develop a "seesaw" insurance arrangement designed to meet your needs. When one partner dies, the other buys.
If your business is a corporation rather than a partnership, We can still use life insurance to fund Buy-Sell Agreements to fit your special situation.