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Currently sitting on a Medicare book of roughly 2,300 med supps, 1,000 pdps, and maybe 12 MAPDs. It occurred to me recently in light of recent travel with my spouse that I really need to figure out a way to maximize the money that gets passed on to my small children if we both go down unexpectedly.
Half the book pays to my agency that I own and the other half is coming in as a 1099 directly to me. All new business is being written under the agency. I have one downline (my mother) who is a LOA for the agency that is currently producing in addition to me.
Does anyone have any advice on how to structure things so that if I croaked, the agency renewal commissions (or even 1099 income) could still be paid out to benefit my kids? My spouse is not licensed and my kids are all under age 10. I do trust my mother, and since she is licensed, do I somehow structure things to where she becomes the owner upon my death with instructions to pay my kids? Do I make my kids who are still minors some type of owners in the S corp/agency?
Would love to hear from some of the other agency owners who have this figured out.
Half the book pays to my agency that I own and the other half is coming in as a 1099 directly to me. All new business is being written under the agency. I have one downline (my mother) who is a LOA for the agency that is currently producing in addition to me.
Does anyone have any advice on how to structure things so that if I croaked, the agency renewal commissions (or even 1099 income) could still be paid out to benefit my kids? My spouse is not licensed and my kids are all under age 10. I do trust my mother, and since she is licensed, do I somehow structure things to where she becomes the owner upon my death with instructions to pay my kids? Do I make my kids who are still minors some type of owners in the S corp/agency?
Would love to hear from some of the other agency owners who have this figured out.