Other Considerations For Succession Planning
Disability. Ideally, this would be treated by any agreement in a manner similar to death. Be careful to define, right in the agreement, what does it mean, for the purposes of the agreement, to be disabled. This can often be trickier than the contingency of death because it may well be more difficult to insure.
Family Business. Be wary of "family attribution" rules that can complicate estate planning situations as you work to solve a business succession plan.
Key Person Coverage. In the event insurance is being implemented to fund a cross-purchase or stock-redemption buy-sell, dont forget to suggest that the business also own key person coverage to help provide a critical shock absorber in the event of the death of an owner.
