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Login to watch this video if you have a subscription. Learn more about subscriptions.Planning for the loss or disability of a legal partner with a buy sell agreement and other insurance products is crucial to ensuring the continuity of your practice and protecting the financial interests of each co-owner's family. A buy sell agreement specifies what will happen to the interests of an owner, partner or shareholder who passes away or becomes disabled. Usually a practice's buy sell agreement requires that the other owners or partners must purchase the deceased/disabled owner's interests. Techniques using life and disability insurance to fund the buy sell agreement rather than personal funds or business assets are discussed.
Alan Acton is a financial adviser in Ottawa whose column helps lawyers better manage their hard-earned money.
Alan Acton has been successfully assisting professionals in the Ontario and Quebec region for over 15 years. He prides himself on being able to provide clients with the attention and customization that allows them to successfully meet their financial goals. Since obtaining his Certified Financial Planner (CFP) and Canadian Investment Manager (CIM), Alan has been able to provide sound advice using his wealth of knowledge regarding the global financial system. As a Fellow of the Canadian Securities Institute, and a member of the CFA Institute, he has the experience to assist his clients in all areas of their financial life: personal banking, debt management, insurance, investments, education planning, and retirement and estate planning.
*see individual programs and jurisidictional allowances for accredited hours/requirements for Canadian law societies.
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*see individual programs and jurisidictional allowances for accredited hours/requirements for Canadian law societies.