Sentences with phrase «surviving partners»

There have been cases where surviving partners have had to sell off their shared home just to cover the inheritance tax.

If the business maintains a life insurance policy on each of its partners — with the death benefit going to the partners — the surviving partners will be in a financial position to buy out the deceased partners interest in the business from his or her family.

The policy is structured so the heirs can sell their share of the business to the surviving partners.

The heirs are happy because they received full value for the shares and the surviving partners are happy because they now own the shares of their deceased or disabled member and the company can continue.

In the case of business needs the proceeds of the policy is paid to the business or the surviving partners or shareholders.

Business succession planning is therefore a way to provide liquidity so that the surviving partners or the company itself can facilitate a buyout of deceased partner's interest.

To put it another way deceased partners shares would be bought by the surviving partners as per the buy - sell agreement.

Life insurance for businesses can be structured to fund a «buy - sell» agreement, where the surviving partners would have the funds to buy the company interests at a previously agreed upon price.

This means that there is a contractual obligation on the surviving partners to buy the interest of the owner who died.

However, it is not uncommon to see a buy / sell arrangement that has nothing but funding, meaning that, should one of the business owners die, a life insurance death benefit would be payable to the business (in an entity buy / sell) or the surviving partners (cross-purchase), which can be used to purchase the deceased business owner's shares or interests.

A «Term Life Policy» will pay death benefits only, but if you get a «Permanent» Life Policy», there is also the cash value accumulation along with the death benefits that is also available to the surviving partners and / or heirs.

What you meant to do was done in some of the other policies, which were written in trust for the surviving partners in the partnership, other than the life assured.

Term life insurance can be used to fund buy - sell agreements so that on the death of a business owner, surviving partners can use the proceeds to purchase the business from the deceased owner's beneficiaries.

Spouses with assets could set up a trust for their surviving partners.

In addition to the 10 - year pay package, Casserly reports, surviving partners will get all stocks vested immediately.

Often the surviving partner is in greater need of counseling and concern than would be a spouse of the opposite gender, because family and congregational support in bereavement may be altogether absent.

Among them are the rights to: bullet joint parenting; bullet joint adoption; bullet joint foster care, custody, and visitation (including non-biological parents); bullet status as next - of - kin for hospital visits and medical decisions where one partner is too ill to be competent; bullet joint insurance policies for home, auto and health; bullet dissolution and divorce protections such as community property and child support; bullet immigration and residency for partners from other countries; bullet inheritance automatically in the absence of a will; bullet joint leases with automatic renewal rights in the event one partner dies or leaves the house or apartment; bullet inheritance of jointly - owned real and personal property through the right of survivorship (which avoids the time and expense and taxes in probate); bullet benefits such as annuities, pension plans, Social Security, and Medicare; bullet spousal exemptions to property tax increases upon the death of one partner who is a co-owner of the home; bullet veterans» discounts on medical care, education, and home loans; joint filing of tax returns; bullet joint filing of customs claims when traveling; bullet wrongful death benefits for a surviving partner and children; bullet bereavement or sick leave to care for a partner or child; bullet decision - making power with respect to whether a deceased partner will be cremated or not and where to bury him or her; bullet crime victims» recovery benefits; bullet loss of consortium tort benefits; bullet domestic violence protection orders; bullet judicial protections and evidentiary immunity; bullet and more...

They were kept apart from their partners in hospital situations, funeral arrangements and more than once, I would see the surviving partner left without a home when the late partners family took their home from him.

Losing a better half isn't a dating death sentence for the surviving partner, and creating a new intimate relationship is in no way disrespectful.

The advantage here is that the surviving partner could continue to fund the ILIT and the life insurance through continuing to gift the premiums.

They often rely on their surviving partner to do what they think is right.

The surviving partner may comply with their wishes, or they hope the survivor will leave their step children with an inheritance.

This differs from regular life insurance in that the surviving partner doesn't receive any benefits after their spouse dies.

If you designate your spouse or partner as the beneficiary, the RRSP or RRIF will qualify for a tax - deferred «rollover» to the surviving partner's RRSP or RRIF.

If you're married and one partner dies, the surviving partner automatically gets parental responsibility.

If the person who gave the cash dies within seven years the surviving partner may be charged tax.

For estate tax planning purposes, such an action can be most valuable as it will allow a surviving partner to prove his or her portion of ownership in the home, making the estate valuation of the first partner to die more equitable, and may also save costly estate tax dollars.

Term life insurance allows the surviving partner to buy the shares from the family members of his deceased partner, who want no part of the business and will be happy to be bought out.

If one dies, the surviving partner can use the life insurance payout to buy out the late partner's share of the business.

Plus, if one person passes away, an account set up with right of survivorship means the surviving partner can access the funds without going through probate.

If the state where the couple lived doesn't recognize same - sex marriages, a surviving partner may still qualify as a widow or widower for Social Security benefits if the intestacy laws of that state allow the surviving partner of a non-marital legal relationship (such as a civil union or domestic partnership) to inherit as a spouse.

If the court is satisfied that all of these requirements have been met, they can make an award of a capital sum to the surviving partner.

In such circumstances, the surviving partner could make a claim to the court for reasonable financial provision from the deceased partner's estate.

Currently, where their partner dies intestate, the surviving partner must go to court in order to claim their share.

Last Friday, the Supreme Court of Canada decided Canada (Attorney General) v. Hislop, which upheld in part and invalidated in part the legislation that restricted access to pension benefits for the surviving partner of a same sex relationship.

the executors took an IOU from the surviving partner in exchange for the deceased's share in the family home; and

The usual agreement is that the surviving partner (s) agrees to buy out the deceased partner's shares.

By purchasing a life insurance policy on a first - to - die basis this means you can purchase a single life annuity (which offers higher monthly payments) without jeopardizing the income for the surviving partner.

Death benefit is provided upon the passing of the last surviving partner, at which time the full benefit is paid out so it can be used to cover a number of expenses, including estate taxes

One consideration is that the surviving partner or estate will need to continue to pay the premiums on the policy after the death of the first partner.

If you were gone, would your surviving partner or spouse have enough income to meet daily expenses?

Mortgage payments can be hard for two people to handle, let alone one, and the missing income can ruin your surviving partner's retirement plans.

However, if the surviving partner had Business Partner Insurance, the funds would be available to buy out the widow's share of the business.

Rather than close down the business, the surviving partner would like to continue with it.

This situation clearly illustrates the existence of an insurable interest as the surviving partner will sustain financial loss.

Even with no extra mouths to feed, spouses would probably want to provide for the surviving partner in the event of their death.

If a court determines the policy should be considered community property, the surviving partner is awarded the entire benefit so long as she or he contributed to your premium payments.

It provides instant liquidity to buy - out a deceased partner or shareholder's interest while allowing for the surviving partner to maintain control of the company.

Losing one's income can be extremely difficult particularly if the surviving partner is also beset by medical problems or health challenges.

Full payout of the sum assured, and the plan continues for the surviving spouse, depending on the planning scheme or the surviving partner who is no more insured, may need to buy another term plan.