It your business it your business keep going, who would you want your next business partner to be?
Business goes on even when the owner dies or becomes disabled. If and when a business owner dies or becomes disabled the business itself may face several problems that if not handled or properly structured could lead to potential conflicts with personnel and business owners. Along with limited growth and financial instability some of those problems or issues that might arise could include.
·The business interest or share passing to the deceased owners heirs
·The heirs selling the business interest to an outsider or possibly even a competitor in the same industry
·The heirs possibly attempting to take an active role in the management of the company without the proper skills and knowledge to do so
·Your new co-owners not sharing current management’s philosophy or the previous long-term strategies of the prior owner
How to keep the business in the right hands and the way to you truly intend it to!
No one can ever predict all of the financial and managerial conflicts that possibly could occur when a business owner dies or passes away. But by planning a secure and thought-out transfer of your business interest you could possibly avoid or control most problems that typically arise in these scenarios. One of the most common tools to make a plan and thought-out transfer of a business is a buy sell agreement. A proper and thought-out drafted agreement can help it business owner with the following.
·Make the owners heirs sell the business interest to the surviving owners of the business
·Help establish a way to determine the value of the deceased owners of business interest
·Help create and establish a smooth transition of management and control to the new owners
·Help prevent an outsider or competitor from acquiring the business interest of the deceased owners
·Allow the business to continue as a going concern without a forced sale of assets or property
·Help the business creditors feel more secure that the new owner will survive at the owner’s death
·Helps establish an estate value for the deceased owners business interest
·The deceased owners family will not have the worry of running a business and now with funds to help supplement their interest
·Helps provide liquidity to deceased owners estate to pay taxes and estate costs
You could find a buy sell agreement with life insurance
but in order for a buy sell agreement to work the business or surviving owner really needs to have the money to fund the life insurance policy. You see a life insurance policy can help guarantee that the necessary money or dollars will and can be available at the precise time when they are needed. Funding a buy sell agreement with life insurance really does have a number of great advantages that will discuss now.
·Life insurance can be one of the most cost-effective and economic ways to help fund a buy sell agreement
·Typically the death benefit proceeds will not be subject to income tax due to the life insurance regulations and laws
·If it’s a permanent policy the cash value can help find the buyout of an owner due to disability death or retirement
·Last but not least life insurance constraints and the credit position of the business
Just a quick little post about a very often overlooked but important type of coverage. Renters Insurance can help protect your personal belongings while with most carriers also giving you liability and guest medical coverage, in case something happens. Plans are often very affordable as well ranging from 75.00 to 200.00 annually depending on your coverage amounts.
Your property isn’t any less valuable when you rent. That’s our stand. And if you’ve got as much stuff as the average renter, then it’s worth over $30,000. Take into account your clothes, books, CDs, stereo system, TV, jewelry and other valuables you might have.
If Anything Happens, Will Your Landlord Take Care of You? You may also be surprised to learn that your landlord is not necessarily responsible for any damages to your personal property if there’s a fire, flood, vandalism or burglary. And, even if someone’s injured in your apartment, you may be liable for their damages, not your landlord.
Great news Idaho residents Allstate is rolling out a very innovative roadside assistance platform for any consumer! You don’t have to be an Allstate customer to enjoy the benefits of this service from one of the largest insurance companies in the country. Check out the article below and I will be posting my own review here soon…
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AAA better watch out. Allstate is making moves to become the most recognized
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The Good Hands® Roadside Assistance program will cover you against any of the
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Really nice article on the different types of life insurance and how you might look at the coverage for your particular situation. Check out the information and let me know what you think and if this type of information helps when making planning decisions.
Term Life Insurance Information, Resources and Guides
The decision to buy life insurance is an important one; because let’s be honest, when faced with mounting financial obligations shelling out hard earned money for life insurance coverage isn’t at the top of our list. Term life insurance is the one insurance everyone hates to buy, but everyone will need. You know the old saying there two things in life that are certain, death and taxes.
Hopefully you will find the information and resources that I post here on my lens to be of value when trying to decide on the best possible Term Life Carrier or plan and policy. Please use this information as a guide and always make sure you speak with a properly licensed and trained Insurance or Financial Advisor when implementing a life insurance policy or strategy when planning for your families or businesses future.
Great article by CNN Money about wether or not Life Insurance can be a good investment vehicle. This argument has gone on for years and there will never be a concensus on if it is or not. Do your homework and make sure you feel comfortable with your options.
Insurance is crucial for most families - but not as a retirement savings plan.
NEW YORK (Money) — My husband and I are in our 30s and have retirement plans through our employers. We’ve been working with an insurance agent who wants my husband to forego funding his 401(k) plan, which doesn’t offer company matching funds, and instead invest for retirement through a universal life policy.
The idea is that once we reach age 60 we’ll begin making withdrawals from the policy’s cash value. Does this seem like a good way to plan for retirement?
First, if your husband follows the agent’s advice of doing the life insurance policy instead of the 401(k), you and your hubby are giving up a very nice tax break - namely, the money you contribute to the 401(k) isn’t taxed until you withdraw it. The life insurance policy offers no such upfront break. So on that basis alone, I’d say the 401(k) is the better deal.
Every Friday in “Top of the List,” DenverBusinessJournal.com highlights one of our exclusive lists that appear in the print edition of the Denver Business Journal. The weekly lists rank Colorado businesses and other entities in a host of categories, from law firms to lenders.
And the lists are compiled each year in our annual Book of Lists, which is sent to subscribers and is available for purchase as a desk reference or in digital format.
Colorado-Licensed Life Insurance Companies
Ranked by direct-written premiums.
1. Northwestern Mutual Life Insurance Co., Milwaukee (160,652 direct-written premiums).
2. State Farm Life Insurance Co., Bloomington, Ill. (72,328 direct-written premiums).
3. John Hancock Life Insurance Co. USA, Boston (66,806 direct-written premiums).
4. New York Life Insurance Co., New York (62,685 direct-written premiums).
5. Lincoln National Life Insurance Co., Greensboro, N.C. (57,651 direct-written premiums).
I think everyone knows at this point that if you smoke cigarettes or use tobacco either smokeless, pipe and cigar that you could end up paying more for your life insurance rates and premiums.
Tobacco Life Insurance plans still can be affordable and within your budget depending on the carrier that you end up using for your policy. Also consider reducing the term length of the contract to help lower the premiums. Example if you were looking at a 30 year term life plan you may want to consider a 25 year term life or a 20 year term life policy to keep the premiums within your budget.
freelifeinsurancequotesonline.org Life insurance for smokers can be a very time-consuming task to look for and buy, especially if you consume tobacco products on a regular basis. However, do not leave here dismayed, because even if you have (or still…
Based in Richmond, Virginia, Genworth financial offers a variety of products to customers in areas such as life insurance and lifestyle protection, long-term care insurance, annuities, asset management and mortgage insurance through …