A Pacific WealthSuccessionPlan is a trust arrangement where the business partners agree to transfer their portions of business shares to surviving partners in the event of the demise of any business partner.
- Trust administration will take effect upon the triggering event (death of any partner)
- Smooth transfer of deceased partner’s business interest to surviving partners.
- Company will make valuation and purchase life insurance policies on each business partner’s life and assign absolutely the policies to the Trustee.
- Each business partner will transfer his/her shares to the Trustee.
- The Trustee will receive the insurance proceeds and pay to deceased partner’s family and transfer his shares to the surviving partner.
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