A Buy-Sell Agreement is the recommended life insurance arrangement for transitioning a business, ensuring partners' families receive fair value for their portion in case of death.
Buy-Sell Agreement would be the most suited life insurance arrangement for transitioning the business. A Buy-Sell Agreement is a contract between business partners that stipulates what happens if one partner passes away. In this arrangement, the remaining partners use the life insurance proceeds to buy out the deceased partner's share, providing financial security for their family.
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