However, it also has implications for the scope of the Succession Plan and the ownership of other Business Insurance (such as Debt Reduction Cover and Key Person Insurance).

Simple or Complete Succession Plan

The two alternatives give the Business a choice of Agreement, depending on whether it requires a Simple Succession Plan or a Complete Succession Plan.

Click here to read about the difference between the two types of Succession Plan.

The Fixed Fee depends on the choice of Agreement.

Alternative Business Succession Agreements

IGS offers a number of alternative Business Succession Agreements:

IGS can use any one of the Agreements to document a Simple Succession Plan.

However, it uses either a Business Insurance Trust Agreement or a Hybrid Business Insurance Trust Agreement to document a Complete Succession Plan.

Comparison of IGS Self-Ownership Business Succession Agreement with Traditional Self-Ownership Buy/Sell Agreements

The standard version of the IGS Agreement gives Business Proprietors a number of additional benefits that are not provided by traditional Self-Ownership Buy/Sell Agreements within the standard Legal Fee:

It includes provisions for Death, TPD and Trauma Buy/Sell arrangements within the standard Legal Fee;
It includes provisions for Retirement and other Uninsured Events within the standard Legal Fee;
It pre-agrees the Purchase Price, unless the parties wish to rely on a valuation at the time of a sale;
It includes Vendor Finance Provisions with respect to any shortfall in the Insured Purchase Price within the standard Legal Fee;
It includes Super Buy/Sell Provisions, if required by the Adviser and Clients
The Legal Fees with respect to the Initial Agreement and any future Variation Agreements are fixed.

Click here to read a comparison of the benefits under the IGS and traditional Self-Ownership Buy/Sell Agreements.

Fixed Legal Fees

The Fixed Fee charged by IGS depends on the choice of Agreement.

Click here to see the current Fees for all Agreements and Services.

These Fees apply subject to the Legal Fee Policy.

Adviser Tip

It is no longer normal for the Business or the Purchasers to own Buy/Sell Insurance, because of the CGT liability with respect to Non-Death Benefits.

See more Adviser Tips

Current Marketing Schedule

Ian Gray travels to most capital cities regularly throughout the year and is available for Meetings.

Please click here to see his availability in Brisbane, Sydney, Melbourne, Adelaide and Perth.

Please contact us to arrange an appointment or teleconference.