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In Reply to: Re: Re: Re: Re: Re: Re: Re: BIG TERM CASES posted by Ken Young on May 31, 2003 at 00:09:12:
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A new partnership can be formed, but like a marraige, a the death of a partner, the current partnership no loneger exist. That is why the surviving partner is responsible for all of the debts after death.
The surviving partner can form a NEW PARTNERSHIP with the spouse of the deceased partner, but why would the surviving partner want to do that?? What does the spouse have to offer??
That is why a buy-sell agreement, funded with life insurance, is so necessary.
Ken, you just didn't learn anything collecting a debit for Pru. In fact, they ran you off.
Why did you lie about being on page #114??
: : Upon the death of a partner in a partnership, there is no longer a partnership!
: : The surviving partner has to wind up the business, and is responsible for any loss after the death of his partner, but the spouse of the deceased partner is still entitled to her share of the PROFITS after the death of her husnand.
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: That information is incorrect. Upon the death of a partner the wife inherits her husband's share in the partnership and there is a simple name change filed with the Secretary of the State if the Partnership wants to remain active.
: If the surviving partner wishes to keep the partnership alive as a sole proprietor, he must assume all debts remaining in the partnership.
: If the widow wants to remain in the partnership and then she assumes her late husbands share of the debts of the partnership also.
: Go back to impersonating a MDRT attendee, then you won't have to make an A** out of yourself once more on the Interent as you have so have previously.
: In the case of partnerships funded with Business Life Insurance, the life insurance proceeds can be set up that the proceeds are paid directly to the surviving partnership with an agreement stipulating that the widow receive an income from the partnership representing her share of the ownership in the business.
: Partnerships can be desolved when one of the partners dies, but I personally have never heard of a successfull partnership simply closing its doors and let the creditors disolve it. I have heard of the business being sold though.
: The question posed by DWN was about large term contracts. I offered him a prospecting tool to locate those persons who would have a need for the large term policies he wants to sell.
: AS USUAL AND THAT CAN BE EXPECTED OF YOU, YOU OFFERED HIM NOTHING BUT SOME INSIGNIFANT NON-RELATED INFORMATION NOT WORTH A HILL OF BEANS TO WHAT DWN WAS INQUIRING ABOUT.
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