Insurance money can really come in handy during this time.
This type of buyout comes up unexpectedly and payments can be critical with money needed for estate tax obligations. If the company is the buyer, it’s important to acquire term policies on each owner. Deciding on the insurance amount should be thought about every few years to make sure that the amount is correct and sufficient. If the owners are primary buyers then policies should be taken out on each other, however premiums are a personal expense that can vary by the age and health of the insured.
Mark R. High
Dickinson Wright PLLC
- Member with Dickinson Wright PLLC in Detroit, Michigan
- Concentrates in the areas of business law, corporate finance, corporate governance, and international transactions
- President of the Canada-U.S. Business Association in SE Michigan/SW Ontario; former chair of Michigan Business Law Section
- Conducts seminars on and author of articles dealing with buy-sell agreements for the ABA, State Bar of Michigan, trade associations, and commercial services
- J.D. degree, Duke University; B.A. degree, The College of Wooster
- Can be contacted at 313-223-3650 or [email protected]
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