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J. Warren
J. Warren, Attorney
Category: Business Law
Satisfied Customers: 2211
Experience:  Experience in general business transaction and formation matters.
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I owns a medical clinic how can i transfer ownership or at

Customer Question

i owns a medical clinic how can i transfer ownership or at least producing income to my minor baby (please advise all possible options: e.g.: set up to have the minor to as beneficiary without right of management, or set up irrevocable trust to pass all
left over income to the minor the issue is can i have a the ongoing income of medical clinic as corpse of the irrevocable trust or should i have the clinic itself as the trust which named the the minor as the beneficiary of the trust
Submitted: 1 year ago.
Category: Business Law
Expert:  J. Warren replied 1 year ago.
Hello my name is ***** ***** I look forward to providing you information. Please note:
(1) this is general information and is not legal advice. I never propose a specific course of action. There is no attorney-client relationship or privilege that is formed when communicating to an expert on this site. The site repeats this disclaimer numerous times. By continuing, you confirm that you understand and agree to these terms; and
(2) there may be a slight delay between your follow ups and my reply while I am typing out my answer.
Unfortunately, there are no options to achieve shifting income and partial ownership of a medical clinic to a minor. The option you have is to take after tax dollars and invest them in a minor trust vehicle or college savings plan.
The IRS will not permit an income shelter in an minor irrevocable trust. In addition Section 165.156 of the Medical Practice Act makes it unlawful for any individual, partnership, trust, association or corporation by use of any letters, words, or terms in any manner, to indicate the individual, partnership, trust, association or corporation is entitled to practice medicine if the individual or entity is not licensed to do so. see: http://codes.lp.findlaw.com/txstatutes/OC/3/B/165/D/165.156
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