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Question:
http://www.lawguru.com/cgi/bbs/mesg.cgi?i=366544137
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Category:
Business Law
Location:
TN
Subject: Tranfer of LLC member's shares
In
the event of my husband's death or incapacitation, can his LLC shares tranfer
to one of our children or myself?
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Reply:
http://www.lawguru.com/cgi/bbs/mesg.cgi?i=202534767
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Category:
Business Law
Location:
TN
Subject: Re: Tranfer of LLC member's shares
The
status of the LLC shares will most likely be governed by the terms of founding
documents that formed the LLC. If the
other LLC equity holders retained a right to buy out your husband's interest in
the event of his death, then that covenant on his equity interest can likely be
enforced. If there is no provision for
other equity partners to buy out his interest upon his death, then his
equitable interest would be treated like any other asset -- which can be passed
on to his spouse and heirs upon his death.
===========Question: http://www.lawguru.com/cgi/bbs/mesg.cgi?i=928789733===========Category: Elder LawLocation: TNSubject: How to protect elderly Mom's estate from scammers? My Mom is nearly 80; she retains her mental faculties but is way too trusting ofothers for her own good; her 2nd husband is deceased but his children areunscrupulous and constantly pressure her for monetary support; how can I 'lock down'her assets so that they or other scammers that prey upon the elderly cannot persuadeor coerce her into giving up her money and/or real assets? Do I need her consent tobe an 'guardian administrator' for her and her estate? Is there a legal documentthat must be filed like a power of attorney whereby she consents to my or mysiblings' co-signing for any withdrawl or redemption of investments? If she does notconsent are there any other options available to protect my elderly mother fromthieves and scammers?Her last husband 'reduced' her assets from about 500k to 125k by constantlybadgering her for a new truck, boat, woodworking shop and so on; which she agreedto, to 'keep the peace' between them but now she has her future alone to considerand her assets must be preserved for her own survival and I expect her to exceed 90years of age before she departs this life. Any help or advice would be muchappreciated as I have no idea how to proceed.Thanks ===========Reply: http://www.lawguru.com/cgi/bbs/mesg.cgi?i=164057830===========Category: Elder LawLocation: TNSubject: Re: How to protect elderly Mom's estate from scammers? Being appointed guardian is a rather drastic step for someone who is mentally orphysically impaired. Based on your fact pattern, it does not sound like your motheris completely impaired. It would be fairly simple for you to get your mother to addyour name to her banking, savings, and brokerage accounts. Once it is a jointaccount, you can require a change that both names be on checks or requests fordisbursements. That sounds like a better solution than petitioning for aguardianship. You can check with your bank and see if they pose any problem withadding you to the accounts, given your mother's permission. Another alternativewould be to get your mother to sign a limited power of attorney giving you the rightto approve or endorse or otherwise control the disbursement of funds out of yourmother's account. I'm not sure if your mother would like having to ask her daughterfor permission to disburse funds. Good luck.