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It has been a long while since I dealt with a situation like this so I am asking to see if any of you have come across it.
LLC where parents are selling to son.
Can we provide health insurance to parents through the LLC plan, even though no longer part of the business?
Do we have to set up another LLC (split real estate / company on site) and cover them through a new LLC?
I did one of these over 20 years ago and back then we insured the former owner through a subsidiary business. She because of the situation (death) could not have direct ties with the primary business for a decade I believe. (long time ago) but we could insure her via the sub.
While this is not a death, does any body have any experience with a similar situation?
Another thought is just have the LLC Pay for their insurance as part of the sale and it comes to them as income.
Or you can discriminate by class with group health do we allow for management to have continued coverage up until retirement through the plan?
Any feed back is appreciated. I will be looking myself as well.
LLC where parents are selling to son.
Can we provide health insurance to parents through the LLC plan, even though no longer part of the business?
Do we have to set up another LLC (split real estate / company on site) and cover them through a new LLC?
I did one of these over 20 years ago and back then we insured the former owner through a subsidiary business. She because of the situation (death) could not have direct ties with the primary business for a decade I believe. (long time ago) but we could insure her via the sub.
While this is not a death, does any body have any experience with a similar situation?
Another thought is just have the LLC Pay for their insurance as part of the sale and it comes to them as income.
Or you can discriminate by class with group health do we allow for management to have continued coverage up until retirement through the plan?
Any feed back is appreciated. I will be looking myself as well.