Kenneth Vercammen & Associates
Edison, NJ 08817
732-572-0500
Toll Free 1-877-NJLaws1
68 So. Main St,
Cranbury, NJ 08512
By Appointment Only
800-655-2977
Often the Shareholders/owners of a small Corporation purchase life insurance to make provisions for purchase of a deceased shareholders interests. Shareholders often desire to set forth their respective rights concerning Corporation's stock with regard to death, disability, retirement and other future disposition of the stock by any Shareholder by imposing certain restrictions and obligations on themselves, on Corporation and on their shares of stock of Corporation. Your shareholders agreement can include language to provide for transfers of stock upon death. The following type of provisions can sometimes be included in a shareholder's agreement:
The parties hereto agree that there may be kept in force policies insuring the life of each Shareholder in such amounts as shall be determined from time to time by the Board of Directors, and that Corporation or the other Shareholders shall assume and pay all premiums for such policies. Corporation or the other Shareholders shall be the owner of, and the beneficiary under each policy, but shall receive the proceeds as a trustee for the benefit of the deceased Shareholder for the purpose of purchasing the shares of stock of the deceased Shareholder pursuant hereto.
Upon the sale by any Shareholder of his shares of stock in Corporation during such
Shareholder's lifetime, he shall have the option, exercisable within a period of thirty
(30) days subsequent to the sale of his shares of stock, to purchase from Corporation or
the other Shareholders the policy insuring his life in exchange for the payment in cash of
an amount equal to the cash surrender value, if any, less any loans attributable thereto,
of such policy as of the date of such sale. The terms of each insurance policy shall
require that each Shareholder receive from the insurance company a copy of all premium and
termination notices relating to the policy insuring his life not later than ten (10) days
prior to the date to which the notice relates.
The Law Office of Kenneth Vercammen can provide experienced attorney representation for criminal and motor vehicle violations. When your job or driver's license is in jeopardy or you are facing thousands of dollars in fines, DMV/MVC surcharges and car insurance increases, you need excellent legal representation. The least expensive attorney is not always the answer. Schedule a free in-office consultation if you need experienced legal representation in a traffic/municipal court matter.
Our website www.njlaws.com provides information on traffic offenses we can be retained to represent people. Our website also provides details on jail terms for traffic violations and car insurance eligibility points. Car insurance companies increase rates or drop customers based on moving violations. Call the Law Office of Kenneth Vercammen at 732-572-0500 to schedule a free in-office consultation to hire a trial attorney for Criminal/ DWI/ Municipal Court Traffic/ Drug offenses.
Celebrating 20+ years of providing excellent service to clients since 1985. We handle trials to win! 2nd degree black belt, trialthlete and member of state champion masters racing team. Always competitive!
Kenneth Vercammen & Associates, P.C.
at 732-572-0500
for an appointment