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Business Continuity Succession Planning

Life insurance is an important financial asset for many, or even most, people.  For business owners, though, the need is particularly acute. When you own a business, you don’t just have to worry about protecting your family’s financial well-being in the event of your untimely death (though, of course, that is still very important).  You […] Read more

At insuranceandestates.com, we define business planning as the part of the estate planning process that is focused on the ongoing operation and prosperity of a business or company. This can be a small family business or a larger more established company because the issues faced by a business don’t change much regardless of the size […] Read more

Family Business Succession Planning Is Extremely Important.  Without It, A Small Business May Be Thrown Into Chaos Or Forced To Shut Down If A Key Person Dies Or Becomes Disabled. The topic of business continuity and succession planning is becoming very popular because a vast number of baby boomer business owners are aging.   This is an arena […] Read more

What is an Executive Bonus Plan, also known as an IRS Section 162 Plan? A section 162 executive bonus plan provides a way to give executives within a businesses or corporation additional benefits, typically funded with life insurance, as a way to further incentivize specific executives individually chosen by the company. (1) A typical executive […] Read more

In a recent article on inc.com, Richard Branson shares how his philosophy that making employees a top priority can bring benefits to both customers and investors.  Simply put, taking care of key employees is taking care of your business. Key Person Insurance Is Ideally About Protecting Your Business From the Loss of a Key Employee or Business Partner, While Also […] Read more

Congratulations, after years of hard work, you’ve created a successful business.  Achieving consistent business revenue and accruing business assets often means that you’ve created an entity that is worthy of serious planning and protection. You may be asking what the next steps are AND a key estate planning consideration is a buy-sell agreement to protect your business partners […] Read more

A deferred compensation plan is a type of “golden handcuffs” designed for use in a proper business continuity and succession planning which provide incentives for a valuable employee to remain loyal to a company while also managing the company’s risk of losing a key asset of the business. There two basic types of deferred compensation plans which are qualified and non-qualified […] Read more

A split dollar plan is NOT about a specific life insurance product but rather is a contractual strategy for using life insurance. Split dollar life insurance DEFINITION: a plan that allocates the costs and benefits of a life insurance policy in a specific manner by contract in order to maximize tax advantages for the employer AND employee.   Because split […] Read more