What is the name of your state? FL
Briefly... my dad is in generaly poor health. He owns a business along with his wife 50-50. She has 2 sons, my dad has 4. We all get along... but the bottom line is, she's looking out for her kids if something happens to my dad.
Currently, he has no will or trust of which I am aware. Another glitch is that due to his poor health he is on disability so technicaly he does not work. So I assume that legaly speaking, she owns the company? I'm not 100% as to how they have it structured and I'm not sure how important this is when deciding his estate.
It is my dad's opinion that she owns 50% and can do with it what she wants just like he should be able to whatever he wants with his 50%. As far as house and personal assets, they obviously go to her. But what can he do trust wise in order to pass his half of the company along to his kids rather than it just going all to her and then to her sons.
Thank you in advance.
Briefly... my dad is in generaly poor health. He owns a business along with his wife 50-50. She has 2 sons, my dad has 4. We all get along... but the bottom line is, she's looking out for her kids if something happens to my dad.
Currently, he has no will or trust of which I am aware. Another glitch is that due to his poor health he is on disability so technicaly he does not work. So I assume that legaly speaking, she owns the company? I'm not 100% as to how they have it structured and I'm not sure how important this is when deciding his estate.
It is my dad's opinion that she owns 50% and can do with it what she wants just like he should be able to whatever he wants with his 50%. As far as house and personal assets, they obviously go to her. But what can he do trust wise in order to pass his half of the company along to his kids rather than it just going all to her and then to her sons.
Thank you in advance.