With René Papin, you’ll benefit from expertise that extends to:

Sole Proprietorships

If a sole proprietor has a key employee who desires to purchase the business in the event of the proprietor’s death, a buy/sell agreement can facilitate the employee's purchase of the deceased's business.

Experienced with these plans, René Papin can advise you on a strategy by which the sole proprietor and the key employee would enter into a buy/sell agreement, and the key employee would purchase a life insurance policy on the life of the sole proprietor. Pursuant to the buy/sell agreement, upon the death of the sole proprietor, the key employee uses the death benefit to purchase the sole proprietors business from his estate.

Partnerships

For business planning, the cross-purchase method of entering a buy/sell agreement works best if there are a small group of partners (preferably two). The partners enter into a buy/sell agreement and each partner buys a life insurance policy on each of the other partner’s lives.

René Papin will help guide you through the process, which typically works in this manner. Pursuant to the agreement, upon the death of one of the partners, the surviving partners use the death benefit from the above-mentioned policies to buy the deceased partner's business interest from his or her estate. The surviving partners then own all of the partnership while the deceased partner’s estate receives the funds from the sale of the deceased partner’s share of the partnership. 

Corporations

Similar to the arrangement described above for partnerships but also applicable to corporations, the cross-purchase method of entering into a buy/sell agreement works best if there are a small group of shareholders (preferably two). The shareholders enter into a buy/sell agreement and each shareholder buys a life insurance policy on each of the other shareholders lives.

Rely on René Papin to assist you in implementing the strategy: Pursuant to the buy/sell agreement, upon the death of one of the shareholders, the surviving shareholders use the death benefit from the above-mentioned policies to buy the deceased's shareholders business interest from his or her estate. The surviving shareholders will own all of the outstanding corporate stock while the deceased shareholders estate receives the funds from the sale of the deceased shareholders stocks.