Indian Giver

[M.B. Clemens]

What is the name of your state?What is the name of your state? IN. I worked in the family business for 22 yrs. We had no 401K program. My father(73 yrs old) told me to take the 5 Life policies on my life and change the ownership to me instead of the company. The face on the policies are $200.000 with a cash value of $50,000. The company still paid the premium and life went on as normal. The business was in the process of being transitioned over to me. My father was in the business less than 1% of the time over the last 8 yrs. He was taking out large sums of money until I convince him along with a new CPA that if he did not stop this the company would go under. One day he came and wanted control of the company back and fired me and a few others. Now he says I stole the Life policies and he wants them back. He wants to take me to court and make me surrender the policies back to him. I am the owner,and the Life Ins. Company says I can do what I want with them. What will a judge do in court about this matter? Is there any case you can refer me to in the state of IN. or any other state that has a similar circumstances?

 

[JETX]

What will a judge do in court about this matter?

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[ALawyer]

This is a matter that will require a lawyer who will study all the facts and circumstances and hopefully be able to talk your father (who really sounds as if he might be suffering signs of adult dementia) out of suing his son. But parents who change their mind is not all that uncommon.