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I need to consult with a Legal Expert schooled in the field of TRUSTS.

Lawyer's Assistant: Since estate law varies from place to place, can you tell me what state this is in?

Connecticut

Lawyer's Assistant: Has anything been filed or reported?

No

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

Is your Lawyer KNOWLEDGEABLE on TRUSTS?

Submitted: 4 months ago.Category: Legal
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Answered in 1 minute by:
3/11/2018
Lawyer: legalgems, Lawyer replied 4 months ago
legalgems
legalgems, Lawyer
Category: Legal
Satisfied Customers: 13,617
Experience: Just Answer consultant at Self employed
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Hello! I will be reviewing your question and posting a response momentarily; if you have any follow up questions please respond here. Thanks!

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Lawyer: legalgems, Lawyer replied 4 months ago

Hello; what is your question please?

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Customer reply replied 4 months ago
My sister an I own a business 50/50. We are the only Board Members. No President. We have S-Corp status. She hasn't paid a salary to either of us for five years, figuring I'll be depleted in savings so she can arrange for the Business to take a PROFIT of $800,000 which we would have an S-Corp tax liability of $400,000 each. She could afford it, I can't. She figures I will GIVE her my 50% share to avoid being financially destroyed. I was told that I could move my 50% into a Trust, and that ACTION would blow the S-Corp into a C-Corp, and the Business would pay it's own Taxes. IS THIS POSSIBLE ? That's my question.
Lawyer: legalgems, Lawyer replied 4 months ago

I am going to opt out as that is more a matter of business law; please do not respond to this as that will delay another contributor from accessing your question. Thanks.

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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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