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

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Edison NJ 08817
732-572-0500
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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.


Kenneth Vercammen was the Middlesex County Bar Municipal Court Attorney of the Year

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Kenneth Vercammen is the Managing Attorney at Kenneth Vercammen & Associates in Edison, NJ. He is a New Jersey trial attorney has devoted a substantial portion of his professional time to the preparation and trial of litigated matters. He has appeared in Courts throughout New Jersey each week for litigation and contested Probate hearings.

Mr. Vercammen has published over 125 legal articles in national and New Jersey publications on elder law, probate and litigation topics. He is a highly regarded lecturer on litigation issues for the American Bar Association, NJ ICLE, New Jersey State Bar Association and Middlesex County Bar Association. His articles have been published in noted publications included New Jersey Law Journal, ABA Law Practice Management Magazine, and New Jersey Lawyer.

He is chair of the Elder Law Committee of the American Bar Association General Practice Division. He is also Editor of the ABA Estate Planning Probate Committee Newsletter and also the Criminal Law Committee newsletter. Mr. Vercammen is a recipient of the NJSBA- YLD Service to the Bar Award. And past Winner "General Practice Attorney of the Year" from the NJ State Bar Association. He is a 22 year active member of the American Bar Association. He is also a member of the ABA Real Property, Probate & Trust Section.

He established the NJlaws website which includes many articles on Elder Law. Mr. Vercammen received his B.S., cum laude, from the University of Scranton and his J.D. from Widener/Delaware Law School, where he was the Case Note Editor of the Delaware Law Forum, a member of the Law Review and the winner of the Delaware Trial Competition.

RECENT SPEAKING ENGAGEMENTS ON WILLS, ELDER LAW, AND PROBATE

Edison Adult School -Wills, Elder Law & Probate- 2007, 2006, 2005, 2004, 2003, 2002 [inc Edison TV], 2001, 2000,1999,1998,1997
Nuts & Bolts of Elder Law - NJ Institute for Continuing Legal Education/ NJ State Bar ICLE/NJSBA 2008, 2007, 2006, 2005, 2004, 2003, 2002, 2000, 1999, 1996
Elder Law and Estate Planning- American Bar Association Miami 2007
Elder Law Practice, New Ethical Ideas to Improve Your Practice by Giving Clients What They Want and Need American Bar Association Hawaii 2006
South Plainfield Seniors- New Probate Law 2005, East Brunswick Seniors- New Probate Law 2005
Old Bridge AARP 2002; Guardian Angeles/ Edison 2002; St. Cecilia/ Woodbridge Seniors 2002;
East Brunswick/ Halls Corner 2002;
Linden AARP 2002
Woodbridge Adult School -Wills and Estate Administration -2001, 2000, 1999, 1998, 1997, 1996
Woodbridge Housing 2001; Metuchen Seniors & Metuchen TV 2001; Frigidare/ Local 401 Edison 2001; Chelsea/ East Brunswick 2001, Village Court/ Edison 2001; Old Bridge Rotary 2001; Sacred Heart/ South Amboy 2001; Livingston Manor/ New Brunswick 2001; Sunrise East Brunswick 2001; Strawberry Hill/ Woodbridge 2001;
Wills and Elder Law - Metuchen Adult School 1999,1997,1996,1995,1994,1993
Clara Barton Senior Citizens- Wills & Elder Law-Edison 2002, 1995
AARP Participating Attorney in Legal Plan for NJ AARP members 1999-2005

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Kenneth Vercammen & Associates, P.C.
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Ken Vercammen articles

Ken Vercammens Resume
Directions to Ken Vercammen and Associates

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