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Home >> Own a Small Business? Don’t Forget Life Insurance

Own a Small Business? Don’t Forget Life Insurance

December 13, 2010 by Robert Kulas. Leave a Comment

When people consider buying a life insurance policy, they’re usually thinking of providing for their spouse and children in the event they pass away. But, if you’re a business owner, you need to know what life insurance can do for you. The first step is to envision what you’d like to have happen to your business if you passed away unexpectedly.

If Your Loved Ones Will Take Over

If you plan to pass your business on to family members, a life insurance policy can be essential in shoring up cash shortfalls during the transition. It can also provide your family members with much-needed liquidity for paying estate taxes or debts, so that there’s no threat of your business being sold to meet these obligations.

If The Business Will be Sold

If your plan is for your loved ones to sell your business after you pass away, life insurance might still be essential. For example, the same concerns about taxes and debt apply, so you’ll want to make sure there’s liquidity during the estate settlement process. Plus, your business likely won’t sell immediately, so there will need to be funds available to keep the business operating until the transition can be made. You’ll want your loved ones to be able to take their time and accept the best offer, instead of being rushed to take the first offer that comes along.

In addition to being properly insured, it’s essential that you have a well-thought-out succession plan in place. This will help to guide your loved ones and ease the transition in the event of your death. An estate planning attorney can help you assess your needs, and put together an effective succession plan.

Filed Under: Estate Planning, Small Business Planning Tagged With: business succession planning, Life Insurance, small business

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"Everyone treated us extremely well.  Robert explained how a trust works and the benefits of having one.  We decided to move forward and complete the process.  He was very kind and knowledgeable.  Julie was also very helpful and very patient with our questions.  We felt very comfortable with this firm handling our affairs.  We would highly recommend this firm to our friends and family."

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Janice M
Client Review
August 25, 2020
    

Robert Kulas and staff made making a will an easy to understand process. They were very knowledgeable and attentive to my wishes. All my documents were provided in an organized binder which will be a great asset to my family. I would definitely recommend them.

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Krissy L.
Client Review
August 25, 2020
    

I have worked with Mr. Kulas & staff before. And they are very professional. I am very satisfied with Mr. Kulas and his staff and give them the highest satisfaction and 5 star rating.

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Leo C.
Client Review
August 25, 2020
    

Mr. Kulas and his staff have been extremely helpful & knowledgeable for the over 3 years we have been associated. They are easy to talk to and explain everything without feeling rushed. Very competent and professional.

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Mildred W.
Client Review
August 25, 2020
    

I have known Robert Kulas for 20 years since I was co-executor for friends who had Mr. Kulas prepare a Trust for them. When I felt I needed a trust also, I came to him. I have always been completed satisfied with his work and that of his charming, competent staff.

default image
Joan C.
Client Review
August 25, 2020
    

We began our estate plan process in 2004 (12 years ago) and have been pleased with the periodic reviews we have gone through and when changes have been needed the firm has been thorough and professional in making those changes.

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L.G.K.
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