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The importance of buy-sell agreements Thumbnail

The importance of buy-sell agreements

The importance of buy-sell agreements

By Patricia M. Annino, JD, LL.M.

All owners of an enterprise who share ownership of assets (and hopefully the visions and values that created them) are connected emotionally and financially to all other members of the enterprise. In
a “common wealth” system, every action has a reaction. A shock to any part of the system reverberates through the entire system.

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Benefits and pitfalls of buy-sell agreements Thumbnail

Benefits and pitfalls of buy-sell agreements

Benefits and pitfalls of buy-sell agreements

By Patricia M. Annino, JD, LL.M.

Thanks to the excellent estate planning advice lawyers and CPAs have provided clients over the past 20 years, almost every high-net-worth family has a business. Many formed family limited partnerships and LLCs to own rental or commercial real estate. However, while buy-sell agreements have become essential for conventional businesses with unrelated owners, they are less common among the growing number of intrafamily business entities.

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This site is prepared for the general information and education of professional advisors who work with agents of New York Life Insurance Company. It is not intended for use with the general public. New York Life, its affiliates, agents and employees, may not provide tax, legal, or accounting advice. Everyone should seek the counsel of their own professional advisors prior to taking action in regard to their personal financial situation. SMRU 5034933. Expires 1/3/2025.