If the spouse is unaware of the buy-sell agreementand has not consented to it, there is the risk that the payout of the life insurance proceeds will be disputed.
Meet with an attorney who focuses in small business law, estate planning attorney and tax attorney in advance to discuss the tax implications of agreements such as a Buy-Sell Agreement, Shareholder Agreement, or a Stock Redemption Agreement which are commonly used in business succession planning and may be necessary to execute your succession plan.