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to maintain your family’s current lifestyle until the youngest child graduates college? Are big ticket items like college tuition and mort- gage balance payoff included? 2) Shop around. Term in- surance rates have
become
increasingly affordable in recent years. Additionally, more sophisti- cated insurance products can also serve as tools for more complex es- tate planning requirements. 3) Have your business
purchase a, “key person in- surance policy.” These policies are purchased by your company, the premiums are paid for by the company, and the benefi ciary is the company. This has several im-
portant uses. First, it provides the company with a fi nancial cushion to survive the death of its owner. If there are partners, then it is very important to also have a “buy-sell” agreement. This agreement states that upon the death of a partner, the business has the right to buy out the deceased partner’s equity. The proceeds of the policy are used to fund the acquisition of the ownership stake. 4) Prepare a secure fi le off-
site with all of your passwords, account information, and fi le ac- cess information. With most key information locked away behind password protected software, it’s critical that someone knows how to access your email and fi le directory. You can keep this information with your attorney.
5) Have a contingency plan
in place for your operations. Spend a day every six months making sure it is up to date and that key people are aware of what should take place when you die or are incapacitated. 6) Delegate! Stop being
the only key person in your company. Give others a sense of ownership by making them re- sponsible for important areas of your company’s operations. This is good advice, even if you don’t go anywhere for a long time. The preceding was adapted
from a piece written by Mike Pe- riu, principal of EcoFin Media, which empowers individuals to make sound fi nancial decisions for themselves. He can be reached at ecofi
nmedia.com. ■
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