This option is often used when an individual entrepreneur wants a child, spouse or important employee to buy the business when he or she dies or is disabled. The employee, spouse or child would purchase an insurance policy for the owner and be the beneficiary of the policy. The employee, spouse or child could pay the premiums, or the company could pay the premiums on their behalf. The last option for a purchase agreement is the waiting plan. This plan is a mix of an entity purchase and cross purchase plan. If an owner dies or is deactivated, the company gets the first option to buy that owner`s share. If the company does not buy it, the surviving owners have the right to buy the owner`s share to the extent they have chosen. If there is something left afterwards, the company must buy the remaining share. However, it is a good idea to have your agreement checked by a lawyer to make sure that you have taken all the important points, that you have the required contractual language and above all that you have adapted the document to the needs of your own company. Click here if you need help finding a business lawyer. “AXA” is the brand of AEFS and its family of companies, including AXA Equitable Life Insurance Company (NY, NY), MONY Life Insurance Company of America (AZ Limited Company, Management Office: Jersey City, NJ) (MONY America) and AXA Distributors, LLC. All group insurance products are issued either by AXA Equitable or by MONY America, which assume exclusive responsibility for their insurance and claims obligations.
Some products are not available in all countries. GE-125253 (6/17) (Exp 6/19) The communication can be incorporated into a purchase-sale agreement or a separate document. The authors propose to include the mention in the purchase-sale agreement and to use a separate notification and consent for each directive to provide simple proof of compliance with the notification and consent requirement. (Appendices 1 and 2 contain notification templates and consent forms.) If it is a separate document, it can be drawn up by a third party, for example. B a lawyer, or provided by an insurance agent, but a qualified tax advisor must verify any communication made by an agent or other third party. The communication must contain the maximum nominal amount of the policy. The authors recommend erring in favor of a very high amount in consent to provide a cushion that includes increased death benefits due to investing in present value, if any.. .