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Updated about 12 years ago,
Key Person Insurance, Estate Planning, etc.
I am looking for ideas on how to set up a successor plan in case something happens to myself, and I can no longer take care of my RE portfolio. I have a few commercial properties held in separate LLCs, and a few properties in different partnerships/LLCs. If I were to die today, how would I legally pass these on to my wife? I am looking into key person insurance/term life policy to possibly cashout the partnerships, and also get my will/estate plan in order.
I am also implementing a process/procedures manual for her to take over if needed.
Anyone have ideas/experience on some things to cover my wife and myself? What must a guy do to make sure his wife and family do not have problems after an untimely death?
Are there any articles or books on the subject?
Thanks