It is very likely that your business has multiple owners. In the event of one of these members should pass away, you need a rock solid plan for distributing their business assets. Unfortunately, sometimes these events are not amicable or well planned and can create a personal and legal rift between owners.
A Buy-Sell Cross Purchase Plan is an agreement on the purchase and distribution of assets and shares upon the death of partner. By creating an agreement, the remaining owners leverage the deceased life insurance policy to purchase and distribute the now vacant shares. This method is is excellent in the case that the now available shares should be redistributed to the existing owners.