Jim Aussem, JD, AEP, will explore using life insurance as the primary funding mechanism of a comprehensive buy-sell plan. This will address some alternatives such as using a cash accumulation vehicle, or term, or funding through working capital. The various approaches to premium payment including trustee/escrow/partnership structures to avoid multiple policies and possible transfer for value concerns and the economics of the premium payments will be discussed. What to do with policies owned by entities or their owners which have sold their business, eliminating the original purpose for the insurance, and the minimum considerations to be examined by practitioners will be addressed.
James S. Aussem, JD, AEP is a shareholder in the Cleveland law firm of Cavitch Familo & Durkin, Co., LPA, as well as a member of its board of directors and Co-Chair of the Business Practice Group. Jim’s practice is focused on succession planning, mergers and acquisitions, as well as estates and trusts. Jim was the 90th president of the Society of Financial Service Professionals (FSP) serving from September 1, 2017 to August 31, 2018; he received the 2019 Kenneth Black, Jr. Leadership Award from the Society in 2019, and has been active in the Cleveland Chapter FSP, serving as its President 2010-2011. He serves on the Planned Giving Committees of the Cleveland Museum of Art, University Hospitals and Baldwin-Wallace University. He is a member of the American, Ohio, and Cleveland Metropolitan bar associations as well as the Estate Planning Council of Cleveland. He has been chosen as one of America’s Best Lawyers every year since 2009 and for the past 10 years he has been chosen in two categories, Corporate Law and Trusts and Estates. Jim is a frequent speaker, facilitator, and instructor for many professional organizations on topics such as business succession, buying and selling businesses, estate planning, insurance, trusts and estates. He has been designated an Accredited Estate Planner (AEP®) by the National Association of Estate Planners & Councils. Baldwin Wallace University in 2004 presented him with its Distinguished Alumni Award and The Cleveland Chapter of the Society of FSP named him its Financial Service Professional of the Year in 2013. He earned his Juris Doctor degree from the Cleveland-Marshall College of Law. Jim began his legal career as a tax attorney with Ernst & Ernst (now Ernst & Young). He worked his way through undergraduate school employed in the securities industry, as well as in the trust department of the former National City Bank. He graduated from Baldwin-Wallace University with a Bachelor of Arts degree. Jim is AV® Preeminent Rated – Martindale-Hubbell.
Registration Fee: $19
Archive: The archive recording will be available after the webinar in your FSPgo account (on the My Account tab).
CE Credits: There are no CE credits available for this program.
6:00 pm – 7:00 pm ET
5:00 pm – 6:00 pm CT
4:00 pm – 5:00 pm MT
3:00 pm – 4:00 pm PT
Note: This webinar was originally broadcast on June 22, 2021.