Hello Everyone,
I was looking for some help with a tax client of mine.
It is an S Corporation with 6 Partners. 2 Parents both in their late 70s. The other 4 are their 4 sons.
Motel worth 5 million and it will go to the 4 boys.
If something happens to one of the boys, they want something set up for the company to buy out the spouse of the percentage of the deceased.
Here are the problems faced.
2 of the 4 sons work at the Hotel currently.
1 lives in a different state and has nothing to do with hotel except his partnership percentage
the last son is not well physically. He is not able to work at this time. In the past he had a liver transplant and has other physical issues and may not qualify for life insurance.
Any ideas of how to set up these policies and steps to protect the partners would be appreciated very much
I was looking for some help with a tax client of mine.
It is an S Corporation with 6 Partners. 2 Parents both in their late 70s. The other 4 are their 4 sons.
Motel worth 5 million and it will go to the 4 boys.
If something happens to one of the boys, they want something set up for the company to buy out the spouse of the percentage of the deceased.
Here are the problems faced.
2 of the 4 sons work at the Hotel currently.
1 lives in a different state and has nothing to do with hotel except his partnership percentage
the last son is not well physically. He is not able to work at this time. In the past he had a liver transplant and has other physical issues and may not qualify for life insurance.
Any ideas of how to set up these policies and steps to protect the partners would be appreciated very much