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Buy Sell Life Insurance Agreement

Buy Sell Life Insurance Agreement Template for United States

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Key Requirements PROMPT example:

Buy Sell Life Insurance Agreement

"I need a Buy Sell Life Insurance Agreement for my three-partner accounting firm in Texas, where each partner will have a $2 million life insurance policy to fund the buyout of their respective shares, with the agreement to take effect from January 1, 2025."

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Document background
The Buy-Sell Life Insurance Agreement serves as a crucial business succession planning tool in the United States, particularly for closely-held businesses. This document becomes essential when business owners want to ensure seamless transition of ownership upon death while providing liquidity to the deceased owner's estate. The agreement details how life insurance policies will fund the purchase of business interests, specifies valuation methods, and establishes procedures for executing the transfer. It helps prevent potential disputes and maintains business stability by providing a clear framework for ownership transition.
Suggested Sections

1. Parties: Identification of all parties to the agreement, including the business entity and owners

2. Background: Context of the agreement and current ownership structure

3. Definitions: Key terms used throughout the agreement, including Insurance Policy, Trigger Events, Purchase Price, etc.

4. Purchase Obligation: Terms of mandatory purchase upon trigger events and the structure of the buy-sell arrangement

5. Insurance Policy Requirements: Details of required insurance coverage, policy specifications, and ownership structure of policies

6. Premium Payments: Responsibility for premium payments, consequences of default, and allocation of costs

7. Valuation Method: Agreed method for determining business value and purchase price calculation

8. Trigger Events: Specific events that activate the buy-sell provisions including death, disability, retirement, etc.

Optional Sections

1. Right of First Refusal: Optional provision giving certain parties priority in purchasing shares when an owner wishes to sell to outside parties

2. Disability Provisions: Specific terms covering disability-triggered buyouts and related insurance requirements

3. Cross-Purchase vs. Entity Purchase: Detailed structure of purchase arrangement specifying whether surviving owners or the entity will purchase the interests

Suggested Schedules

1. Schedule A - Current Ownership: Detailed breakdown of current ownership percentages and shares

2. Schedule B - Insurance Policies: Comprehensive list of all insurance policies, carriers, coverage amounts, and beneficiaries

3. Schedule C - Valuation Formula: Detailed methodology for business valuation including specific calculations

4. Appendix A - Sample Calculation: Example calculations demonstrating how the valuation formula works in practice

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Clauses






























Industries

Internal Revenue Code Provisions: Federal tax regulations including IRC Section 101 (life insurance proceeds taxation) and Section 264 (deductibility of premium payments) that affect buy-sell agreements and life insurance arrangements

State Insurance Laws: State-specific insurance codes, regulations, and insurable interest requirements that govern life insurance contracts and their implementation in buy-sell agreements

State Insurance Commissioner Regulations: Regulatory requirements set by state insurance commissioners and departments of insurance that oversee insurance transactions and consumer protection

Business Entity Laws: State-specific laws governing corporations, LLCs, and partnerships that affect how buy-sell agreements can be structured and implemented

Estate Planning Laws: Federal and state estate tax laws, gift tax considerations, and generation-skipping transfer tax rules that impact the structure of buy-sell agreements

Securities Exchange Act: Federal securities laws that may apply if the agreement involves a publicly traded company

Documentation Requirements: Legal requirements for business valuation methods, trigger events definitions, premium payment obligations, and policy ownership structures in buy-sell agreements

ERISA Regulations: Employee Retirement Income Security Act considerations when buy-sell agreements involve employee benefits or qualified plans

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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