A Cross Purchase Plan is a life insurance strategy used among business partners. Each partner buys a life insurance policy on the other partners to ensure business continuity and facilitate buyouts in the event of a partner's death.
An Employee Stock Ownership Plan (ESOP) is an employee benefit plan that gives workers ownership interest in the company. Through ESOPs, companies provide their employees with stock ownership, often at no upfront cost to the employees. ESOPs are used by a broad variety of publicly traded and closely held companies.
The process of selecting certain employees for rapid advancement within an organization, often based on their exceptional qualities and potential.
Quick-succession relief is designed to prevent the severe double taxation of inheritance tax on the same property within a short timeline — specifically when two related individuals pass away within five years of each other.
