Life Insurance for Succession Planning

Contractor Success Forum

What happens to your company when you die? Making sure you have a continuity plan in place can ensure you have a smooth transition and ease the burden on your family. Life insurance can be a big part of that plan. Here's what you need to know when looking for a policy.
Topics we cover in this episode include:

• Why you should start thinking about life insurance when you're young
• Tax considerations for key person life insurance
• How a buy-sell agreement can help pass the company on
• How to keep your company operating as it was after something unexpected happens
• The different types of life insurance

LINKS
Visit the episode page at https://carpentercpas.com/succession for more details and a transcript of the show.
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com

Hoofdstukken

1. 149 - Life Insurance for Succession Planning (00:00:00)

2. Why you should start thinking about life insurance when you're young (00:01:19)

3. Tax considerations for key person life insurance (00:03:05)

4. How a buy-sell agreement can help pass the company on (00:04:34)

5. How to keep your company operating as it was after something unexpected happens (00:06:25)

6. The different types of life insurance (00:11:20)

7. Why you should consider a Group Life policy as a benefit to your employees (00:13:07)