Estate Law Questions? Ask an Estate Lawyer.
Hello and thank you for the question. I am sorry to read of this dilemma.
Yes, this can be done and is referred to as succession planning
if the company is held through shares and a corporation they can pass to the son while alive or after death by will of the shareholders and their interest
A local lawyer can coordinate it cheaply and quickly without problem
Keep in mind he would be taking on assets, liabilities and management by taking it on
so a discussion should be had so he understands the books
I wish you the best.
Please let me know if the answer is acceptable
awaiting your reply
Thank you very much. The company is owned by my father in law and his wife (my husbands step mom) the company was started back in Feb 1991 - we have been there since the beginning he's always telling my husband that the company will be passed down to him but then we never see any paperwork. So of course he owns he doesn't have to pass to anyone but he keeps making the comments - since we don't ever see it in writing we think him and his wife are really leaving the company to all their kids (he has 3) (she has 4) all grown so we think he keeps saying that so we don't go off and start our own company. Since he is completely and totally dependant on us for the company to run every day we guess that's the case now. Because yesterday he said that Wells Fargo came in and they are helping him getting everything together - WF will come in and settle their house, cars, furniture in case of their death. When I menioned what about the company he said well I wanted to pass to Jeff but he would be in debt if I did that becasue the taxes are too high he said the goverment wants their fair share you know - he then said I was going to even try to sell to him for a small amount but that's not allowed. So we were trying to figure out if he's blowing smoke up our a or being honest guess I got my answer :)
Typically this is covered in a will
and the transfer happens smoothly
it can make things proceed more smoothly to have it be a transition during life
i wish you the best.
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