I am partners with a much older physician in a single specialty practice. Even though he is over 70 he is not considering retirement for at least 5 years. We desperately needed more office space and so recently went in together (50/50) in forming a separate LLC to build our new office. We couldn't be happier at present and although he says he'd like to pay off our new building before he retires, my worry is that life will happen and he won't make it to that point.
How should I protect myself in this situation. I've heard this is best done with life insurance that we both would purchase individually that would pay to the LLC in the event one of us passed away. Obviously however this policy would be much more expensive for him to purchase than me.
Has anyone else faced a similar situation? Would welcome suggestions.
How should I protect myself in this situation. I've heard this is best done with life insurance that we both would purchase individually that would pay to the LLC in the event one of us passed away. Obviously however this policy would be much more expensive for him to purchase than me.
Has anyone else faced a similar situation? Would welcome suggestions.
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