Kenneth Vercammen & Associates
A Law Office with Experienced Attorneys for Your New Jersey Legal Needs

2053 Woodbridge Ave.
Edison NJ 08817
732-572-0500
1-800-655-2977
Personal Injury and Criminal
on Weekends 732-261-4005

Princeton Area
68 South Main St.
Cranbury, NJ 08512
By Appointment Only
Toll Free 800-655-2977

SHAREHOLDERS AGREEMENTS- LIFE INSURANCE TO COVER BUY-OUTS

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.

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Meet with an experienced Attorney to handle your important legal needs. Please call the office to schedule a confidential "in Office" consultation. Attorneys are not permitted to provide legal advice by email.

       Kenneth Vercammen's Law office represents individuals charged with criminal, drug offenses, and serious traffic violations throughout New Jersey. Our office helps people with traffic/ municipal court tickets including drivers charged with Driving While Intoxicated, Refusal and Driving While Suspended.

       Kenneth Vercammen was the NJ State Bar Municipal Court Attorney of the Year and past president of the Middlesex County Municipal Prosecutor's Association.

       Criminal and Motor vehicle violations can cost you. You will have to pay fines in court or receive points on your drivers license. An accumulation of too many points, or certain moving violations may require you to pay expensive surcharges to the N.J. DMV [Division of Motor Vehicles] or have your license suspended. Don't give up! The Law Office of Kenneth Vercammen can provide experienced attorney representation for criminal motor vehicle violations.

       When your job or driver's license is in jeopardy or you are facing thousands of dollars in fines, DMV surcharges and car insurance increases, you need excellent legal representation. The least expensive attorney is not always the answer. Schedule an appointment 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.

Contact the Law Office of
Kenneth Vercammen & Associates, P.C.
at 732-572-0500
for an appointment.

The Law Office cannot provide legal advice or answer legal questions over the phone or by email. Please call the Law office and schedule a confidential "in office" consultation. The Law Office now accepts payment by American Express, Visa and Master Card.

Disclaimer This web site is purely a public resource of general New Jersey information (intended, but not promised or guaranteed to be correct, complete, or up-to-date). It is not intended be a source of legal advice, do not rely on information at this site or others in place of the advice of competent counsel. The Law Office of Kenneth Vercammen complies with the New Jersey Rules of Professional Conduct. This web site is not sponsored or associated with any particular linked entity unless specifically stated. The existence of any particular link is simply intended to imply potential interest to the reader, inclusion of a link should not be construed as an endorsement.

Last Revised March 5, 2008