The Use of Life Insurance in Business Succession and Estate Planning PRESENTED BY: MARK ROSENBAUM.

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Presentation transcript:

The Use of Life Insurance in Business Succession and Estate Planning PRESENTED BY: MARK ROSENBAUM

Business Insurance and Succession Planning Do you have a plan to transition your business? If so, what is it? Stories of 2008 Plans that did not materialize

Business Insurance and Succession Planning Who do you plan to transition to? Why/When? Family Employees Merger or Outside Sale

Business Insurance and Succession Planning Family Do you have family members in the business? What is their role? How will this transition treat them? Are all children treated equally? Will the future generations of children be working together? Under what management direction?

Business Insurance and Succession Planning Family Can they buy the business? Do they have the resources? What are the options for funding? Cash Loans Gift NQDC Installment Note

Business Insurance and Succession Planning Employees Who are the key people and what are their individual roles? Are they managers or potential owners? What is the difference? Can they buy the business? Do they have the resources?

Business Insurance and Succession Planning Merger or Outside Sale Who are potential buyers outside of the business Have you spoken with them? What impact will an outside sale have on family/children/grandchildren? What impact will an outside sale have on key employees?

Questions for the business owner Are there circumstances under which you are willing to sell the business at a discount? If so, what are they? To the extend you have key people in place, will they stay for the transition? Why? What plans are in place to assure the success of your succession plan should you die early?

The role of Life Insurance in Business Succession Planning Keyperson Buy/Sell Who pays the premium? Deferred Compensation/Golden Handcuffs Inheritance Equalization Estate Taxes

Risk Assessment in Planning What percentage of the owner’s estate does the business represent? Will the owner be carrying part of the purchase price?

Proper uses of life insurance and planning In considering the various uses of life insurance, which products are best suited to the client’s needs? Term Whole Life Universal Life Index Universal Life Variable Life

Stories of well intentioned planning gone bad… You have a solution Stories of well intentioned planning gone bad… You have a solution

Summary The value of Life Insurance Solutions in Business Succession Planning