Protecting your business is an essential part of preserving your estate. When an active shareholder/partner in a business can no longer participate in the business, it's important that the other shareholders have a plan in place to continue the business.
A Buy-Sell agreement ensures that money is available to buy a deceased partner's share of the business, using life insurance as the vehicle to fund this purchase.
The Challenge: What if a partner does not die but has an accident or sickness that affects the bottom line? This is an area not addressed well enough and is quite specialized. Working with a competent advisor to quarterback things can be a winning solution and by having the advisor, lawyer and accountant oversee each others work is always in your best interest and an excellent saftey valve.