As the New Year begins, life can be unexpected, and one year can be completely different than the last. Which is why, now is a perfect time to assess your lifetime and estate planning goals. Are you a business owner? And if so, is your succession plan current with any changes that may have occurred in your life? Reviewing and revising your plan to reflect your overall objectives, will ultimately benefit both you, your loved ones, and your business.
When taking steps towards proper Business Succession Planning, consider these essential documents:
A Buy-Sell Agreement
Business continuity is so important especially when there are multiple partners involved in running a business. A Buy Sell agreement is designed to assist partners in managing potentially difficult situations in a way that protects the business and a partners own personal and family interest. A Buy Sell is a legal contract that establishes a clear plan on how to transition the ownership should a key partner decide to retire, become incapacitated or pass away. Often times, life insurance is a component of this agreement to fund the buyout of a business from a deceased partner’s estate.
Deferred Compensation Plan
A Deferred Compensation Plan allows for a portion of an employee’s compensation to be paid at a later date, typically when the employee retires. The benefit of these plans is to help reduce taxable income since the employee is not taxed until they receive the distribution from the plan. Employers utilize these types of plans as an incentive to retain key employees that are essential in maintaining and operating their business.
Premium Financing
Financing allows businesses to acquire insurance on the company and/or their key employees without having to significantly impact their cash flow to cover the expense of the premium payment. Financing the majority of the upfront cost of an insurance policy frees up capital which allows a business owner to focus on product development, hiring employees, marketing efforts and other resources needed to grow their business.

It is so important to take the time to document your intentions regarding your financial and physical well-being to ensure that whatever life may throw your way, you and your family will be taken care of.
Face your future with confidence by planning ahead
DISCLOSURE
The information contained herein is general in nature, has been obtained from various sources believed to be reliable and is subject to changes in the Internal Revenue Code, as well as other areas of law. This material is for informational purposes only and should not be construed as a solicitation of any particular insurance product or insurance carrier. Insurance is sold through Oppenheimer Life Agency, Ltd. (OLA), an indirect wholly owned subsidiary of Oppenheimer Holdings. Before purchasing a policy of insurance, please review both the insurance carrier and the insurance policy carefully before investing. A strategic alliance exists between OLA and various outside providers whereby products and services may be utilized. Such providers may receive compensation as a result of the strategic alliance. However, the firms are completely independent of each other. This material is not a recommendation as defined in Regulation Best Interest adopted by the Securities and Exchange Commission. It is provided to you after you have received Form CRS, Regulation Best Interest disclosure and other materials. Oppenheimer & Co. Inc. Transacts Business on all Principal Exchanges and Member SIPC. 5412971.1