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I live in chicago and own shares in a family business which…

Customer Question
I live in chicago...

I live in chicago and own shares in a family business which owns and operates a strip mall located in florida. i want to create a TOD form for these shares and don't know if it must conform to illinois law or florida law.

Lawyer's Assistant: Have any documents been drafted or filed?

I have a certificate stating the number of shares i own

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

I have another question. is this considered that o own real estate? or is it ownership in a business?

Submitted: 1 year ago.Category: Legal
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Answered in 5 minutes by:
7/30/2017
Lawyer: Barrister, Attorney replied 1 year ago
Barrister
Barrister, Attorney
Category: Legal
Satisfied Customers: 43,062
Experience: 17 yrs practice, Civil, Criminal, Domestic, Realtor, Landlord 26 yrs
Verified

Hello and welcome! My name is ***** ***** I am a licensed attorney and will try my best to help with your situation. There may be a slight delay in my responses as I type out an answer or reply.

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You may also be offered a phone call, but those don’t come from me and are offered by the website and you are under no obligation to accept.

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If the family business is in IL, then you would have to comply with IL law regarding the transfer of any shares of ownership of a family business, like an LLC or LLP. It doesn't matter where the business owns assets, just where it is located.

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But if you own shares, you don't own the actual property, you just own part of the company that owns the property. It is like GM, you can own shares in it, but you don't own the land that the car plants sit on.

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As for making the shares TOD, unless the shares were initially created with that as an option, you can't add it later and make them TOD. However, you could transfer them into a revocable trust in your name and then just name a beneficiary who the trustee would then transfer the shared to upon your death.

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thanks

Barrister

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Lawyer: Barrister, Attorney replied 1 year ago

Hello again,

.

I just wanted to touch base with you and check in.

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Did you have any further questions I can help with?

.

.

Thanks much

Barrister

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