Business Succession Planning (BuySell)
BuySell Plan of Life Insurance: Through this approach, business partners take out life insurance policies on each other, with the policy proceeds enabling the remaining owners to buy out the departing owner’s share. This guarantees that the business remains operational and ownership remains within the company or designated successors. By planning ahead with a Buy-Sell Agreement, you protect both your business’s continuity and the financial interests of all stakeholders involved.
Life insurance for Retirement: Life insurance can be a powerful way to save for your children’s future, offering flexibility that extends beyond traditional educational expenses. As you contribute to a permanent life insurance policy, it accumulates cash value over time, growing tax-deferred. When needed, you can access this cash value through tax-advantaged policy loans, which your child can use not only for college tuition but also for any path they choose, including starting a business. This approach provides a flexible funding source that adapts to your child’s dreams and ambitions, helping them pursue their goals without the constraints of traditional savings plans.
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