"In this world nothing can be said to be certain, except death and taxes." Benjamin Franklin
Today we’ll be covering the topic of…*dun, dun, duuuun*... DEATH.
My grandmother has started giving away her things so that when her time comes, no one will fight over any of her stuff. Instead of drawing up a will for china, trinkets and jewelry, she’s gifted various items to each of her children and grandchildren. Unfortunately, your PlanNet business can’t be divided up and passed around like glass hummingbird statuettes and pearl necklaces, but you can pass it along to your family.
PlanNet Marketing allows those Reps who reach the level of Director to will their business to an heir upon their death. That’s right – all the hard work, blood, sweat and tears you pour into making your PlanNet business great every single day will not be lost! What a legacy to leave your family.
The PlanNet Pledge is included in the Policies and Procedures of PlanNet Marketing under the heading “Succession.”
The policy states:
Upon the death of a Director, their business may be passed to a designated heir(s). Appropriate legal documentation must be submitted to the Company to ensure the transfer is proper. Whenever a PlanNet Marketing business is transferred by a will or other testamentary process, the beneficiary acquires the right to collect all bonuses and commissions of the deceased Director’s marketing organization provided the following qualifications are met. The successor(s) must:
Execute an IR Agreement;
Comply with terms and provisions of the Agreement;
Meet all of the qualifications for the deceased Director’s rank/status;
Provide PlanNet Marketing with an “address of record” to which all bonus and commission payments will be sent. Bonus and commission payments of a PlanNet Marketing business transferred pursuant to this section will be paid in a single deposit jointly to the successor(s).
If Director's business is bequeathed to joint successors, the successors must use a single business entity and Federal Taxpayer Identification Number. PlanNet Marketing will issue all bonus and commission payments and one 1099 to the business entity.
If the Director had a business entity through which the Director operated their business, the heir(s) must provide the appropriate legal documentation of their assumption of ownership and control of the business entity.
If the Director did not have or bequeath a business entity, through which the Director operated their business, to the heir(s); the heir(s) must form a business entity and acquire a Federal Taxpayer Identification Number through which the heir(s) shall continue the operations of the business.
-- Policies and Procedures Section 5.12, located in your Virtual Office in the Information Center (go to Resources, then Policies and Procedures).
~Amanda Restivo, Vice President, Compliance -- arestivo@plannetmarketing.com