Succession planning, sometimes called exit planning, paves the way for a smooth transition of business leadership by choice, creating the structure and necessary resources that will allow you to sell your business and/or transfer it to your chosen family members, business partners, or leadership team. An effective succession plan can help you retire if that is your goal.

With key person policies, the business itself is generally the owner as well as the beneficiary of the policy. A key person policy is taken out by a business to protect against financial loss if an owner, partner, top executive, or essential employee passes away. It can also protect heirs from paying off company debts after the owner dies. Sometimes these policies have a disability insurance provision or rider for the key person as well.

Often used by sole proprietors or closely-held partnerships, buy-sell agreements stipulate how a partner’s share of a business may be transferred in the event of a partner’s death or departure. They may also establish the method that will be used for determining the value of a business. The most common buy-sell agreements are cross-purchase or entity-purchase; some agreements will combine the two.

If you have a family and/or assets, you need an estate plan. We work with estate attorneys to help you pass on a tax-advantaged legacy to your heirs and/or charities, documenting your desires for a stress-free transfer of wealth which can bypass probate. We also offer tax-advantaged advanced strategies which may include trusts for transferring business ownership.

Insurance helps protect your family from the financial consequences of adverse events, and it provides perhaps the most tax-advantaged way to transfer wealth when it comes to your estate. Annuities can provide contractual guarantees from insurance companies for lifetime retirement income. We offer almost every type of insurance solution for both families and businesses.