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Dimitry K., Esq.
Dimitry K., Esq., Attorney
Category: Business Law
Satisfied Customers: 1611
Experience:  Run my own successful business/contract law practice.
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As Power of Attorney father, can I transfer all s stock of s

Customer Question

As Power of Attorney for my father, can I transfer all his stock of his C-Corp to all 5 of his children equally including myself.
Submitted: 1 year ago.
Category: Business Law
Expert:  Loren replied 1 year ago.

Good morning. I am Loren, a licensed attorney, and I look forward to assisting you.

Expert:  Loren replied 1 year ago.

Does the POA give you authority to transfer his personal property including his shares? Are they held in title by your father personally? If held by a broker, does the brokerage house accept and recognize your POA form as prepared and executed?

Customer: replied 1 year ago.
Held by father. I think at his cpa. He only owned 50 persent with my mother who passed away a year ago. Together they owned 100 persent. So now he owns 100 percent
Expert:  Loren replied 1 year ago.

Thank you for the additional information.

Yes, assuming that your POA authorizes such a transaction then, yes, it could be done under that authority.

You just need to be careful that you do not expose yourself to liability for breaching your fiduciary duty as the attorney in fact. You should not really be transferring the principal's assets to yourself unless you can show that such a transfer was for the benefit of the principal (your father) and that any benefit you derive from such a transaction is merely incidental.

Expert:  Loren replied 1 year ago.

Are you still online with me?

Expert:  Loren replied 1 year ago.

Did you have further questions? Have I answered your question?