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My boss is 70 and Just found out he has lung cancer, I have

My boss is 70 and...
My boss is 70 and Just found out he has lung cancer, I have been with him for 11 years with no benafits. Since he has no sucession plan. What options does he have to help me be able to get back on my feet so I want loose everything I have. Because we are a very small company.
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Answered in 15 minutes by:
5/8/2013
Dimitry K., Esq.
Category: Legal
Satisfied Customers: 41,221
Experience: Multiple jurisdictions, specialize in business/contract disputes, estate creation and administration.
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Thank you for your question. Please permit me to attempt to assist you if I can.

What kind of a business does your boss run? Can you potentially take it over and run it yourself?
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Customer reply replied 4 years ago


He has a CPA firm in Georgia. I am in school at this time and will be for the next 2 years. That was the reason for me going back to school so that I could take over one day. I was just need to know the best succession plan and legal plan since he has no will and his wife is a Judge that would take everything and sell it. I am also on the Company checking account and I have a Company credit card. I want to make sure that in the event that something happens what should I do to cover me in a legal way. I just don't have a clue what to do and where to start. The Company has took a hard hit and lost almost half of the Tax clients due to his health. So is there a way because of this fast acting cancer that he could (well I don't know how to word it in legal terms) make sure that I would have enough money to keep my head above water until I get out of school?

Teresa,

That is a tough question. Purely looking at it from a legal perspective the employer does not owe a duty beyond the employment itself which means that if he passes away or the business terminates, there is no obligation to you in any way as you are not part owner. If you are not yet a CPA you cannot own a professional business along with him (that would violate state laws).

 

He can potentially list this business in his will, request that you be named as the executor of the estate, and that you keep the business to manage until and if you obtain your licensure. While a non-CPA cannot run or control this entity, an estate administrator or executor CAN...however only for a short period of time and only to wind down affairs, not to actually conduct business. He may want to consider finding a different CPA willing to buy this business or at least his clientele and maintain it for you for a certain period of time. That may be an option.

 

An another option may be if he chooses to take out lie insurance on himself and list you as a beneficiary--that would not keep the business but would provide you with some sort of compensation. But he absolutely must, must, must get a will done. There is no getting around it. He should also speak with local probate attorneys to see if potentially placing the business in trust could be an another viable option as well.

Good luck.

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Customer reply replied 4 years ago

We have already thought about the life insurance. But at his age and with that type of cancer. They would turn him down and I think you need to have the policy for a period of time you can't just wait until you are about to die to get life insurance. He does have money that he could give me. I just want to make sure it's in a way that's legal and private.

Teresa,

If you want 'legal and private' then look toward a trust. A will is a public document--if and when it gets probated, all of the conditions of the will end up being public record. A trust, on the other hand, is private and one where he could potentially put money into that would be available to you. But that is a fairly complex issue especially when you are also dealing with business assets, so getting a probate attorney who does some trust-based work is very important. That, however, is likely the best approach if you are seeking privacy.

Good luck.

Dimitry K., Esq.
Category: Legal
Satisfied Customers: 41,221
Experience: Multiple jurisdictions, specialize in business/contract disputes, estate creation and administration.
Verified
Dimitry K., Esq. and 87 other Legal Specialists are ready to help you
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Customer reply replied 4 years ago


I did give you a rating of excellent service. I do have another question.


Giving you know what is going on with my boss and my issues of concern. What would be the best succession plan or exit strategy for him? I guess what I am trying to say is that his health is getting worse. I am on the Company checking account and write and sign 99% of all the checks. I am also on the Company American Express card. If he died today I would not have a clue as to what I would need to do and how to go about doing it. Since I am on the checking and credit card. I want to make sure that I am bot liable in any way for anything. What would you think I should do? And how to go about doing it?

Customer reply replied 4 years ago
Relist: Other.
I was asked if I had another question. So I did ask the question. I was very happy with the answer I got.
Teresa,

My apologies but please do not relist if you are waiting for me to answer. I am not online 24/7 and I am not always able to respond right away. Kindly keep that in mind as this is not a direct person-to-person physical meeting.

Having said that, you stated that you are listed as an authorized user on the accounts. Are you listed just as a user or as a co-signer?
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Customer reply replied 4 years ago


I am just authorized as a user? My name is XXXXX XXXXX anything but the checking and credit card.

Teresa,

In that situation you are not really going to be held liable for the debt. As an authorized user you are simply permitted to spend and make charges but you are not responsible for the debt--that would be the responsibility of the executor of the estate or the business. Therefore that is not a concern to you but once he passes away you would no longer be able to use the card for any charges since once he expires so does his permission under the card.

Hope that helps.

Dimitry K., Esq.
Category: Legal
Satisfied Customers: 41,221
Experience: Multiple jurisdictions, specialize in business/contract disputes, estate creation and administration.
Verified
Dimitry K., Esq. and 87 other Legal Specialists are ready to help you
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Customer reply replied 4 years ago


Thank you. That is what I needed to know.

Teresa,

Glad to help, truly!
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