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August 17, 2005 at 08:00 PM
Scenario 1
Jerry and Elizabeth plan for the business to pass to their eldest daughter at their death as her inheritance. A survivorship life policy owned by Jerry’s other two children (or by a trust if they are too young) pays benefits to them after both parents have died. At the same time, the print shop is transferred to their oldest daughter. Each child is thereby assured an equitable inheritance.
Scenario 2
Jerry and Elizabeth and their oldest daughter enter into a buy-sell agreement. The daughter owns the survivorship policy, which will provide her money to buy the business from her parents’ estate when both have passed away. This, in turn, provides an inheritance from the estate for the other two children.
