Ktm”øXô€ œcMEMO tax_bracket corp_indiv indiv_corp same all_insurab yes no majority yes no ratio stay_same change life_sale plans_to no_plans keep_open #_owners many few amt problem no_problem dont_know fairnesss wanted doesnt_mtr 303 have_to_use not_import certainty want_it not_import flexibility important not_import surplus use_it doesnt_matt existing_po yes no accumula problem no_problem corp_cred problem no_problem RESULT x_purchase redemption option trustee_x trustee_opt  ?  ^pî=    ùŒ%=  ¹ó = ûÂ=4uö»Ü;1uØ =ú€<  B =  µ"Ø< /ô ï;'!9Á=4uö»Ü;1u"$zõ‰<2uû€<2u%zõ‰<2uuîe<2u()*¸ó <+,x¿.<-x¿.<1uô ï;1u0=12´ì|=34ùŒ%=5679Á—<8:9Á—<2uøŒ%<1u;uSø<3u9Á—<2u>ô ï; @AL BCù'< DEJFG¹ŽŽ<HøŒ%<1uö»Ü;1uKí$‘>Mi Na OPyZœ< QR_SUú€<2u÷ñ7;1uVWY¹ŽŽ<2uô ï;1uZ[]x¿®<3uzõ <1u^FâÝ= `9Á—< b cdù'< e fgù'< hå.à= jkrlnö ï<3uù'<1uopù'<q÷ñ·;s t|uxX¥5=5uö»Ü;1uö»\;1uyz™t={YÛ= } ~ˆ€X¥5=† ‚ƒB = „9Á—<2uù'<1u‡YÛ= ‰ Š‹VoZ= Œ™Žù'<–‘“uSø<3uù'<1u”zõ‰<2uù'<1u—sSø<3uù'<1uš¢›œzõ <ŸúÂ=3uzõ <1u ´ìü<3uzõ <1u£¤¥ù'<¦¨÷ñ7<1uù'<1u©øŒ%<1uù'<1u s € ÿ€?8D v€F 8D€Všc€JŠF €PŠF €FPÿ€è€]MÊ €U‹ìV€ öt€DF€DF€F 8D€7ŠF €v/‹€ s €€€ ÿ€€33s?8D v€F 8D€Všc€JŠF €PŠF €FPÿ€è€]MÊ €U‹ìV€ öt€DF€DF€F 8D€7ŠF €v/‹€ s €€€€ ÿ€€ÍÌL?8D v€F 8D€Všc€JŠF €PŠF €FPÿ€è€]MÊ €U‹ìV€ öt€DF€DF€F 8D€7ŠF €v/‹€ s €€€ ÿ€€€ÍÌL?8D v€F 8D€Všc€JŠF €PŠF €FPÿ€è€]MÊ €U‹ìV€ öt€DF€DF€F 8D€7ŠF €v/‹€ s €€€€ ÿ€€€@?8D v€F 8D€Všc€JŠF €PŠF €FPÿ€è€]MÊ €U‹ìV€ öt€DF€DF€F 8D€7ŠF €v/‹€ s €€€ ÿ€€€fff?8D v€F 8D€Všc€JŠF €PŠF €FPÿ€è€]MÊ €U‹ìV€ öt€DF€DF€F 8D€7ŠF €v/‹€ s €€€€ ÿ€€fff?8D v€F 8D€Všc€JŠF €PŠF €FPÿ€è€]MÊ €U‹ìV€ öt€DF€DF€F 8D€7ŠF €v/‹€ s €€€€ ÿ€€€€?8D v€F 8D€Všc€JŠF €PŠF €FPÿ€è€]MÊ €U‹ìV€ öt€DF€DF€F 8D€7ŠF €v/‹€ s €€€€ ÿ€€€ÍÌL?8D v€F 8D€Všc€JŠF €PŠF €FPÿ€è€]MÊ €U‹ìV€ öt€DF€DF€F 8D€7ŠF €v/‹€ s €€€€ ÿ€€333?8D v€F 8D€Všc€JŠF €PŠF €FPÿ€è€]MÊ €U‹ìV€ öt€DF€DF€F 8D€7ŠF €v/‹€ s €€€€€ ÿ€€€€€€€ÍÌL?8D v€F 8D€Všc€JŠF €PŠF €FPÿ€è€]MÊ €U‹ìV€ öt€DF€DF€F 8D€7ŠF €v/‹€ s €€€€€ ÿ€€€€€€€ÍÌL?8D v€F 8D€Všc€JŠF €PŠF €FPÿ€è€]MÊ €U‹ìV€ öt€DF€DF€F 8D€7ŠF €v/‹€ s €€€€€ ÿ€€€€€€fff?8D v€F 8D€Všc€JŠF €PŠF €FPÿ€è€]MÊ €U‹ìV€ öt€DF€DF€F 8D€7ŠF €v/‹€ s €€€€€ ÿ€€€€€€fff?8D v€F 8D€Všc€JŠF €PŠF €FPÿ€è€]MÊ €U‹ìV€ öt€DF€DF€F 8D€7ŠF €v/‹€ s €€€€€ ÿ€€€€€€€ÍÌL?8D v€F 8D€Všc€JŠF €PŠF €FPÿ€è€]MÊ €U‹ìV€ öt€DF€DF€F 8D€7ŠF €v/‹€ s €€€€€ ÿ€€€€€€€š™Y?8D v€F 8D€Všc€JŠF €PŠF €FPÿ€è€]MÊ €U‹ìV€ öt€DF€DF€F 8D€7ŠF €v/‹€ s €€€€€ ÿ€€š™?8D v€F 8D€Všc€JŠF €PŠF €FPÿ€è€]MÊ €U‹ìV€ öt€DF€DF€F 8D€7ŠF €v/‹€ s €€€€€ ÿ€€€€€€33s?8D v€F 8D€Všc€JŠF €PŠF €FPÿ€è€]MÊ €U‹ìV€ öt€DF€DF€F 8D€7ŠF €v/‹€ s €€€€€ ÿ€€€€€€ÍÌL?8D v€F 8D€Všc€JŠF €PŠF €FPÿ€è€]MÊ €U‹ìV€ öt€DF€DF€F 8D€7ŠF €v/‹€ s €€€€€ ÿ€€€€€€ÍÌL?8D v€F 8D€Všc€JŠF €PŠF €FPÿ€è€]MÊ €U‹ìV€ öt€DF€DF€F 8D€7ŠF €v/‹€ s €€€€€ ÿ€€€€€€ff&?8D v€F 8D€Všc€JŠF €PŠF €FPÿ€è€]MÊ €U‹ìV€ öt€DF€DF€F 8D€7ŠF €v/‹€ s €€€€€ ÿ€€€€€€ff&?8D v€F 8D€Všc€JŠF €PŠF €FPÿ€è€]MÊ €U‹ìV€ öt€DF€DF€F 8D€7ŠF €v/‹€ s €€€€€ ÿ€€€€€€ÍÌL?8D v€F 8D€Všc€JŠF €PŠF €FPÿ€è€]MÊ €U‹ìV€ öt€DF€DF€F 8D€7ŠF €v/‹€ s €€€€€ ÿ€€€€€€ÍÌL?8D v€F 8D€Všc€JŠF €PŠF €FPÿ€è€]MÊ €U‹ìV€ öt€DF€DF€F 8D€7ŠF €v/‹€ s €€€€€ ÿ€€€€€€š™?8D v€F 8D€Všc€JŠF €PŠF €FPÿ€è€]MÊ €U‹ìV€ öt€DF€DF€F 8D€7ŠF €v/‹€ s €€€€€ ÿ€€€€€€š™™>8D v€F 8D€Všc€JŠF €PŠF €FPÿ€è€]MÊ €U‹ìV€ öt€DF€DF€F 8D€7ŠF €v/‹€ s € ÿ€€€?8D v€F 8D€Všc€JŠF €PŠF €FPÿ€è€]MÊ €U‹ìV€ öt€DF€DF€F 8D€7ŠF €v/‹€ s €€ ÿ€€33s?8D v€F 8D€Všc€JŠF €PŠF €FPÿ€è€]MÊ €U‹ìV€ öt€DF€DF€F 8D€7ŠF €v/‹€ s €€€ ÿ€€33s?8D v€F 8D€Všc€JŠF €PŠF €FPÿ€è€]MÊ €U‹ìV€ öt€DF€DF€F 8D€7ŠF €v/‹€ s €€€ ÿ€€€fff?8D v€F 8D€Všc€JŠF €PŠF €FPÿ€è€]MÊ €U‹ìV€ öt€DF€DF€F 8D€7ŠF €v/‹€ s €€€ ÿ€€€fff?8D v€F 8D€Všc€JŠF €PŠF €FPÿ€è€]MÊ €U‹ìV€ öt€DF€DF€F 8D€7ŠF €v/‹€ s €€€€ ÿ€€33s?8D v€F 8D€Všc€JŠF €PŠF €FPÿ€è€]MÊ €U‹ìV€ öt€DF€DF€F 8D€7ŠF €v/‹€ s €€€€ ÿ€€€fff?8D v€F 8D€Všc€JŠF €PŠF €FPÿ€è€]MÊ €U‹ìV€ öt€DF€DF€F 8D€7ŠF €v/‹€ s €€€€ ÿ€€€š™Y?8D v€F 8D€Všc€JŠF €PŠF €FPÿ€è€]MÊ €U‹ìV€ öt€DF€DF€F 8D€7ŠF €v/‹€ s €€€€ ÿ€€€?8D v€F 8D€Všc€JŠF €PŠF €FPÿ€è€]MÊ €U‹ìV€ öt€DF€DF€F 8D€7ŠF €v/‹€ s €€€€ ÿ€€€ÍÌL?8D v€F 8D€Všc€JŠF €PŠF €FPÿ€è€]MÊ €U‹ìV€ öt€DF€DF€F 8D€7ŠF €v/‹€ s €€€€ ÿ€€€ÍÌL?8D v€F 8D€Všc€JŠF €PŠF €FPÿ€è€]MÊ €U‹ìV€ öt€DF€DF€F 8D€7ŠF €v/‹€ s €€€€€ ÿ€€€333?8D v€F 8D€Všc€JŠF €PŠF €FPÿ€è€]MÊ €U‹ìV€ öt€DF€DF€F 8D€7ŠF €v/‹€ s €€€€€ ÿ€€€š™?8D v€F 8D€Všc€JŠF €PŠF €FPÿ€è€]MÊ €U‹ìV€ öt€DF€DF€F 8D€7ŠF €v/‹€ s €€€€€ ÿ€€ÍÌL?8D v€F 8D€Všc€JŠF €PŠF €FPÿ€è€]MÊ €U‹ìV€ öt€DF€DF€F 8D€7ŠF €v/‹€ s €€€€ ÿ€€ÍÌL?8D v€F 8D€Všc€JŠF €PŠF €FPÿ€è€]MÊ €U‹ìV€ öt€DF€DF€F 8D€7ŠF €v/‹€ s €€€€€€ ÿ€fff?8D v€F 8D€Všc€JŠF €PŠF €FPÿ€è€]MÊ €U‹ìV€ öt€DF€DF€F 8D€7ŠF €v/‹€ s €€€€€ ÿ€€€€€333?8D v€F 8D€Všc€JŠF €PŠF €FPÿ€è€]MÊ €U‹ìV€ öt€DF€DF€F 8D€7ŠF €v/‹€ s €€€€€€ ÿ€€€€€š™Y?8D v€F 8D€Všc€JŠF €PŠF €FPÿ€è€]MÊ €U‹ìV€ öt€DF€DF€F 8D€7ŠF €v/‹€ s €€€€€ ÿ€€€€€R¸^?8D v€F 8D€Všc€JŠF €PŠF €FPÿ€è€]MÊ €U‹ìV€ öt€DF€DF€F 8D€7ŠF €v/‹€ s €€€€€€ ÿ€€€€€€ÍÌL?8D v€F 8D€Všc€JŠF €PŠF €FPÿ€è€]MÊ €U‹ìV€ öt€DF€DF€F 8D€7ŠF €v/‹€ s €€€€€€ ÿ€€€€€š™Y?8D v€F 8D€Všc€JŠF €PŠF €FPÿ€è€]MÊ €U‹ìV€ öt€DF€DF€F 8D€7ŠF €v/‹€ s €€€€€€ ÿ€€€€€€€€ff&?8D v€F 8D€Všc€JŠF €PŠF €FPÿ€è€]MÊ €U‹ìV€ öt€DF€DF€F 8D€7ŠF €v/‹€ s €€€€€€ ÿ€€€€€€€333?8D v€F 8D€Všc€JŠF €PŠF €FPÿ€è€]MÊ €U‹ìV€ öt€DF€DF€F 8D€7ŠF €v/‹€ s €€€€€€ ÿ€€€€€€€@?8D v€F 8D€Všc€JŠF €PŠF €FPÿ€è€]MÊ €U‹ìV€ öt€DF€DF€F 8D€7ŠF €v/‹€ s €€€€€€ ÿ€€€€€€ÍÌL?8D v€F 8D€Všc€JŠF €PŠF €FPÿ€è€]MÊ €U‹ìV€ öt€DF€DF€F 8D€7ŠF €v/‹€ s €€€€€€ ÿ€€€€€€333?8D v€F 8D€Všc€JŠF €PŠF €FPÿ€è€]MÊ €U‹ìV€ öt€DF€DF€F 8D€7ŠF €v/‹€ s €€€€€ ÿ€€€š™?8D v€F 8D€Všc€JŠF €PŠF €FPÿ€è€]MÊ €U‹ìV€ öt€DF€DF€F 8D€7ŠF €v/‹€ s €€€€€ ÿ€€€33s?8D v€F 8D€Všc€JŠF €PŠF €FPÿ€è€]MÊ €U‹ìV€ öt€DF€DF€F 8D€7ŠF €v/‹€ s € ÿ€?8D v€F 8D€Všc€JŠF €PŠF €FPÿ€è€]MÊ €U‹ìV€ öt€DF€DF€F 8D€7ŠF €v/‹€ s € ÿfff?8D v€F 8D€Všc€JŠF €PŠF €FPÿ€è€]MÊ €U‹ìV€ öt€DF€DF€F 8D€7ŠF €v/‹€ s € ÿš™?8D v€F 8D€Všc€JŠF €PŠF €FPÿ€è€]MÊ €U‹ìV€ öt€DF€DF€F 8D€7ŠF €v/‹€ s € ÿfff?8D v€F 8D€Všc€JŠF €PŠF €FPÿ€è€]MÊ €U‹ìV€ öt€DF€DF€F 8D€7ŠF €v/‹€ s €€€ ÿ€€33s?8D v€F 8D€Všc€JŠF €PŠF €FPÿ€è€]MÊ €U‹ìV€ öt€DF€DF€F 8D€7ŠF €v/‹€ s €€€ ÿ€€€33s?8D v€F 8D€Všc€JŠF €PŠF €FPÿ€è€]MÊ €U‹ìV€ öt€DF€DF€F 8D€7ŠF €v/‹€ s €€€€ ÿ€€fff?8D v€F 8D€Všc€JŠF €PŠF €FPÿ€è€]MÊ €U‹ìV€ öt€DF€DF€F 8D€7ŠF €v/‹€ s €€€€ ÿ€€€fff?8D v€F 8D€Všc€JŠF €PŠF €FPÿ€è€]MÊ €U‹ìV€ öt€DF€DF€F 8D€7ŠF €v/‹€ s €€€ ÿ€€fff?8D v€F 8D€Všc€JŠF €PŠF €FPÿ€è€]MÊ €U‹ìV€ öt€DF€DF€F 8D€7ŠF €v/‹€ s €€€ ÿ€€€fff?8D v€F 8D€Všc€JŠF €PŠF €FPÿ€è€]MÊ €U‹ìV€ öt€DF€DF€F 8D€7ŠF €v/‹€ s €€€€ ÿ€€33s?8D v€F 8D€Všc€JŠF €PŠF €FPÿ€è€]MÊ €U‹ìV€ öt€DF€DF€F 8D€7ŠF €v/‹€ s €€€€ ÿ€€€fff?8D v€F 8D€Všc€JŠF €PŠF €FPÿ€è€]MÊ €U‹ìV€ öt€DF€DF€F 8D€7ŠF €v/‹€ s €€€ ÿ€€?8D v€F 8D€Všc€JŠF €PŠF €FPÿ€è€]MÊ €U‹ìV€ öt€DF€DF€F 8D€7ŠF €v/‹€ s €€€ ÿ€ÍÌL?8D v€F 8D€Všc€JŠF €PŠF €FPÿ€è€]MÊ €U‹ìV€ öt€DF€DF€F 8D€7ŠF €v/‹€ s €€€ ÿ€€?8D v€F 8D€Všc€JŠF €PŠF €FPÿ€è€]MÊ €U‹ìV€ öt€DF€DF€F 8D€7ŠF €v/‹€ s €€€ ÿ€š™?8D v€F 8D€Všc€JŠF €PŠF €FPÿ€è€]MÊ €U‹ìV€ öt€DF€DF€F 8D€7ŠF €v/‹€ s €€€ ÿ€@?8D v€F 8D€Všc€JŠF €PŠF €FPÿ€è€]MÊ €U‹ìV€ öt€DF€DF€F 8D€7ŠF €v/‹€ s €€€ ÿ€ÍÌL?8D v€F 8D€Všc€JŠF €PŠF €FPÿ€è€]MÊ €U‹ìV€ öt€DF€DF€F 8D€7ŠF €v/‹€ s €€€ ÿ€fff?8D v€F 8D€Všc€JŠF €PŠF €FPÿ€è€]MÊ €U‹ìV€ öt€DF€DF€F 8D€7ŠF €v/‹€ s €€€ ÿ€@?8D v€F 8D€Všc€JŠF €PŠF €FPÿ€è€]MÊ €U‹ìV€ öt€DF€DF€F 8D€7ŠF €v/‹€ s €€€ ÿ€€>8D v€F 8D€Všc€JŠF €PŠF €FPÿ€è€]MÊ €U‹ìV€ öt€DF€DF€F 8D€7ŠF €v/‹€ s €€€€ ÿ€ÍÌL?8D v€F 8D€Všc€JŠF €PŠF €FPÿ€è€]MÊ €U‹ìV€ öt€DF€DF€F 8D€7ŠF €v/‹€ s €€€ ÿ€33s?8D v€F 8D€Všc€JŠF €PŠF €FPÿ€è€]MÊ €U‹ìV€ öt€DF€DF€F 8D€7ŠF €v/‹€ s €€€€ ÿ€š™Y?8D v€F 8D€Všc€JŠF €PŠF €FPÿ€è€]MÊ €U‹ìV€ öt€DF€DF€F 8D€7ŠF €v/‹€ s €€€€ ÿ€ff&?8D v€F 8D€Všc€JŠF €PŠF €FPÿ€è€]MÊ €U‹ìV€ öt€DF€DF€F 8D€7ŠF €v/‹€ s €€€ ÿ€?8D v€F 8D€Všc€JŠF €PŠF €FPÿ€è€]MÊ €U‹ìV€ öt€DF€DF€F 8D€7ŠF €v/‹€ s €€€ ÿš™Y?8D v€F 8D€Všc€JŠF €PŠF €FPÿ€è€]MÊ €U‹ìV€ öt€DF€DF€F 8D€7ŠF €v/‹€ s €€€ ÿ?8D v€F 8D€Všc€JŠF €PŠF €FPÿ€è€]MÊ €U‹ìV€ öt€DF€DF€F 8D€7ŠF €v/‹€ s €€€ ÿÍÌL?8D v€F 8D€Všc€JŠF €PŠF €FPÿ€è€]MÊ €U‹ìV€ öt€DF€DF€F 8D€7ŠF €v/‹€ s €€€ ÿ333?8D v€F 8D€Všc€JŠF €PŠF €FPÿ€è€]MÊ €U‹ìV€ öt€DF€DF€F 8D€7ŠF €v/‹€ s €€€ ÿ€?8D v€F 8D€Všc€JŠF €PŠF €FPÿ€è€]MÊ €U‹ìV€ öt€DF€DF€F 8D€7ŠF €v/‹€ s €€€ ÿÍÌL?8D v€F 8D€Všc€JŠF €PŠF €FPÿ€è€]MÊ €U‹ìV€ öt€DF€DF€F 8D€7ŠF €v/‹€ s €€€ ÿff&?8D v€F 8D€Všc€JŠF €PŠF €FPÿ€è€]MÊ €U‹ìV€ öt€DF€DF€F 8D€7ŠF €v/‹€ s €€€ ÿ333?8D v€F 8D€Všc€JŠF €PŠF €FPÿ€è€]MÊ €U‹ìV€ öt€DF€DF€F 8D€7ŠF €v/‹€ s €€€ ÿ€€ÍÌL?8D v€F 8D€Všc€JŠF €PŠF €FPÿ€è€]MÊ €U‹ìV€ öt€DF€DF€F 8D€7ŠF €v/‹€ s €€€ ÿ€€ÍÌL?8D v€F 8D€Všc€JŠF €PŠF €FPÿ€è€]MÊ €U‹ìV€ öt€DF€DF€F 8D€7ŠF €v/‹€ s €€€€€ ÿ€€€€€€€@?8D v€F 8D€Všc€JŠF €PŠF €FPÿ€è€]MÊ €U‹ìV€ öt€DF€DF€F 8D€7ŠF €v/‹€ s €€€€€ ÿ€€€€fff?8D v€F 8D€Všc€JŠF €PŠF €FPÿ€è€]MÊ €U‹ìV€ öt€DF€DF€F 8D€7ŠF €v/‹€ s €€€€€ ÿ€€€€333?8D v€F 8D€Všc€JŠF €PŠF €FPÿ€è€]MÊ €U‹ìV€ öt€DF€DF€F 8D€7ŠF €v/‹€ s €€€€€ ÿ€€€ÍÌL?8D v€F 8D€Všc€JŠF €PŠF €FPÿ€è€]MÊ €U‹ìV€ öt€DF€DF€F 8D€7ŠF €v/‹€ s €€€€€ ÿ€€€ÍÌL?8D v€F 8D€Všc€JŠF €PŠF €FPÿ€è€]MÊ €U‹ìV€ öt€DF€DF€F 8D€7ŠF €v/‹€ s €€€€€ ÿ€€€ÍÌL?8D v€F 8D€Všc€JŠF €PŠF €FPÿ€è€]MÊ €U‹ìV€ öt€DF€DF€F 8D€7ŠF €v/‹€ s €€€€€ ÿ€€€€€€ÍÌL?8D v€F 8D€Všc€JŠF €PŠF €FPÿ€è€]MÊ €U‹ìV€ öt€DF€DF€F 8D€7ŠF €v/‹€ s €€€€€ ÿ€€€€€€š™Y?8D v€F 8D€Všc€JŠF €PŠF €FPÿ€è€]MÊ €U‹ìV€ öt€DF€DF€F 8D€7ŠF €v/‹€ s €€€€€ ÿ€€€€€š™Y?8D v€F 8D€Všc€JŠF €PŠF €FPÿ€è€]MÊ €U‹ìV€ öt€DF€DF€F 8D€7ŠF €v/‹€ s €€€€ ÿ€€€€?8D v€F 8D€Všc€JŠF €PŠF €FPÿ€è€]MÊ €U‹ìV€ öt€DF€DF€F 8D€7ŠF €v/‹€ s €€€€€ ÿ€€€fff?8D v€F 8D€Všc€JŠF €PŠF €FPÿ€è€]MÊ €U‹ìV€ öt€DF€DF€F 8D€7ŠF €v/‹€ s €€€€ ÿ€€€fff?8D v€F 8D€Všc€JŠF €PŠF €FPÿ€è€]MÊ €U‹ìV€ öt€DF€DF€F 8D€7ŠF €v/‹€ s €€€€€ ÿ€€€š™Y?8D v€F 8D€Všc€JŠF €PŠF €FPÿ€è€]MÊ €U‹ìV€ öt€DF€DF€F 8D€7ŠF €v/‹€ s €€€€€ ÿ€€fff?8D v€F 8D€Všc€JŠF €PŠF €FPÿ€è€]MÊ €U‹ìV€ öt€DF€DF€F 8D€7ŠF €v/‹€ s €€€€€ ÿ€33s?8D v€F 8D€Všc€JŠF €PŠF €FPÿ€è€]MÊ €U‹ìV€ öt€DF€DF€F 8D€7ŠF €v/‹€ s €€€€€ ÿ€33s?8D v€F 8D€Všc€JŠF €PŠF €FPÿ€è€]MÊ €U‹ìV€ öt€DF€DF€F 8D€7ŠF €v/‹€ s €€€€€ ÿ€ÍÌL?8D v€F 8D€Všc€JŠF €PŠF €FPÿ€è€]MÊ €U‹ìV€ öt€DF€DF€F 8D€7ŠF €v/‹€ s €€€€€€ ÿ€€€€€€€€?8D v€F 8D€Všc€JŠF €PŠF €FPÿ€è€]MÊ €U‹ìV€ öt€DF€DF€F 8D€7ŠF €v/‹€ € € B€/SEL€ADVI€R Corigh1991 Wal€r S.€rist III€J.D.€LU C€C. €l Ri€?erve€ T€s ad€sor €ll h€p yo€deci€ wha€kind€f bu€sell€gree€nt i€best€or y€ BUY/SELL ADVISOR 1.0 (3/29/91) Copyright 1991. Walter S. Bristow III, J.D. CLU ChFC. All Rights Reserved. This advisor will help you decide what kind of buy/sell agreement is best for your client. As with all decisions of this nature, legal and tax counsel who are knowledgeable and competent in structuring these agreements should always be consulted. This computer advisor is designed for use by attorneys and accountants. This advisor is designed for C corporations. The advice it offers may not be appropriate to S corporations, partnerships or sole proprietors. This program is shareware. The registration fee is $15. For more information or to register, call 1 (800) 484-1089. The security code is 0910. You can register by credit card. To run this program so you can get a printed report at the end, start the program by typing: ADVISOR/r This program is shareware. To register your copy, so you can receive updates and information on new programs in this series of expert systems, send your name, address, telephone number and your Visa, Mastercard or Discover card number to Walt Bristow, 18450 N.W. Winema Court, Portland, OR 97229. We will bill your credit card for $15. If you plan on using multiple copies, please call us for quantity discounts and site license fees. Shareware is copyrighted material. It is not freeware. We grant you a limited license to use this software for thirty days. If you think it is useful to you and if you plan to continue using it after the thirty day period, please pay. This is the complete program. There is no documentation. The software is not crippled in any manner. ÿThe ratios MUST stay the SAME, or they don't care at this point ÿThe shareholders MUST be able to CHANGE the ratios ÿ It is possible to maintain a fair amount of flexibility so that a decision about whether to use a redemption type approach or whether to let the other owners buy a decedent's stock can be put off until after death. This allows everyone to sit back, take a deep breath and examine the relevant factors at THAT time before deciding which option is best. But some people don't like to allow such flexibility--especially if they are minority owners and their family isn't in a position to determine what's best for them. With flexibity comes the possibility that the majority owners will make a decision that hurts the family of a minority owner. How important is it to your client that the other owners have flexibility in determining just how the buy out will happen? ÿ It's very important, almost critical that they have this flexibility ÿ It's not important or my client does not want that flexibility to exist ÿ One problem often associated with the buy out of deceased shareholders is that the surviving owners decide there are better things to do with the insurance money than buy out an interest in a dying business. Even if there IS a contract that obligates them to buy the stock, they may risk litigation knowing that a settlement may cost them less than the full purchase price. To take the discretion out of the hands of the surviving owners, some people want to put the money for the buy-out into the hands of a third party who then is obligated to buy the shares from the family. Does your client want to provide additional certainty that his or her family will, in fact, have a market to sell the stock? ÿ Yes. That's VERY important. ÿ No. That's not important. ÿ If the shareholders are much different in age or health or if they own widely different percentages of the corporate stock, the cost of insurance for each shareholder will be very different. The shareholder who owns less stock could pay more, as could the healthy shareholder or the younger one. Some people say that's only fair because if you pay more it's because you have more to gain. Do your clients want to make sure the payments are fair? Or do they want the payments be the same for everyone? ÿThey want the payments to be fair ÿThey want the payments to be equal, or they just don't care ÿ Are all the owners insurable? ÿYes ÿNo ÿ Does the corporation have a problem with unreasonable accumulations or would the addition of cash values in life insurance create that problem? ÿYes ÿNo ÿ Does any one shareholder (either individually or together with members of his or her immediate family) own more than 50% of the stock? ÿYes ÿNo ÿ Do the owners want to be able to change the ratio of their ownership if one of the other owners dies? For example, if A, B & C each one a 1/3 interest and if C dies, would A & B like to be able to purchase stock so that A ends up 60% and B ends up with 40% rather than just maintaining their current ownership ratios? ÿ If one of the owners dies, do the other owners anticipate they will sell out during their lifetime? Or do they anticipate holding on to the stock until they die? ÿThey plan to sell out before they die ÿThey plan to hold on to the stock ÿThey don't know and would like to keep their options open ÿ Many corporations have creditors. Is there a liklihood that the corporation will owe a lot of money at the time the buy/sell agreement gets kicked in? (This can be a problem because the corporation will be unable to buy stock from a decedent's family if it is insolvent or owes lots of money. The creditors will want to be paid before the corporation buys back stock from a decedent's family.) ÿThere will probably be many creditors and this IS a problem ÿThere will be few. Or the business will have plenty to pay them off ÿ How many owners are there of this business? ÿThere are MANY owners ÿThere are only a FEW owners ÿ Life insurance owned by a corporation and payable to the corporation for any reason, is a preference item for purpose of the alternative minimum tax. This means insurance paid to the corporation to redeem stock could be subject to a tax of as much as 15% of the death benefits paid out. Do this pose a problem for your clients? ÿThat is a problem and would make a difference to my clients. ÿThat's no problem, or my clients don't care. ÿI don't know if it is a problem ÿ How strongly do your clients want to use corporate surplus, either to buy the stock directly or to buy life insurance to fund the buy/sell agreement? ÿ They absolutely DO want to use it ÿ It either doesn't matter to them, or there is no surplus available ÿ What is the relationship between the tax bracket of the corporation and the tax bracket of the individual owners? ÿThe corporation is in a higher tax bracket than the owners ÿThe owners are in a higher tax bracket than the corporation ÿThe corporate and the individual tax brackets are essentially the same ÿ Do your clients plan on using life insurance policies that are owned by the corporation right now? If one of the shareholders is uninsurable, it may be very important to use life insurance already owned by the corporation. ÿ Yes. In fact, it is CRITICAL that they use those policies ÿ No. They don't plan on it. Or it doesn't matter. ÿ How important is it to your clients that their estates take advantage of the ability of the corporation to redeem stock under Section 303? ÿ Absolutely CRITICAL. A 303 redemption has to happen. ÿ It's not important ÿ It seems that, based on your answers to my questions, the following option(s) would do everything you say your clients want to do. ÿ A cross-purchase buy/sell can be recommended with $$6% confidence ÿ A redemption type buy/sell can be recommended with $$6% confidence ÿ A wait-and-see type buy/sell can be recommended with $$6% confidence ÿ A trusteed cross-purchase buy/sell can be recommended with $$6% confidence ÿ A trusteed wait-and-sell buy/sell can be recommended with $$6% confidence ÿÿ