Bob and Barbara Parker are in their 30s and have been married for 7 years. They have 2 children. They own 2 cars and a home valued at $500,000. Bob owns 50% of a garage door installation company valued at $2,000,000. The business provides the Parkers with a gross annual income of $150,000 per year. The Parkers have $300,000 in their retirement account and $100,000 in their personal checking account. Bobâ€s partner, Rick Wilson, owns the other 50% of the business. Bob has a $250,000 term life insurance policy but no other insurance coverage.
Discuss taxation of life insurance proceeds and disability insurance payments.
Assume that Bobâ€s 50% partner in the business is his old college friend Rick Wilson.
Rickâ€s wife, Delores, has no interest in running the business. Do the Parkers need a buy-sell agreement? Describe the types of buy-sell agreements.
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