Family business concern

My mother-in-law owns a business and she has three children (one, my wife), one which runs the company and one, which constantly runs from the law. When she passes away, the business will be distributed in thirds.

We want nothing to do with the business and want the brother involved to have our third. My question is, since the business is a corporation, and we don't want any interest in it, are we protected from inheriting liability, exposure to legal proceedings following her death? Thanks.

I don't think this is the best bb for your question. You should cut and paste to either business and finance or estate planning. The 'experts' there would probably know a great deal more.

However, if the company your mother owns is truly a corporation and what you receive is stock, then you can not be held liable for any debts incurred by the company. That's the beauty of a corporation.

I'm not sure about the tax laws involved though. Perhaps someone on another bb can help you with that.

Tig