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My husband is also self-employed (inc) and I work for him. We both have separate wills naturally..when he dies the business goes to me (yippee) to carry on. If I die before him then it would go to our children.
Our family has it set up like Lisa's above but our's is a sole proprietorship. As 1 person passes, it's on to the next and then children. The business is 135 years old.
Flashpoint, I would see a business or transactional law attorney and raise this issue to find out how to retitle the business assets, if this is your husband's desire as well. And it may only be the receivables that could flow to you. I don't know. However, with a business, there are many asset issues that are different from an individual's assets.
What kind of business does your husband own? Be aware that if there are assets he purchased with a loan, it's more than likely a secured loan and the financing institution will have taken a Security Agreement as well as filed a UCC-1, giving it a secured interest in the assets of the business. Depending on whether it's standard wording, it would probably include furniture, equipment, vehicles, and more, as well as receivables. That's a priority interest.
There's another type of business loan that arises from accounts - I can't remember the exact terminology and only worked on one case several years ago in which this was an issue. Might have been an "accounts stated"....I just don't remember. But the creditor had an interest on which suit could be filed if funds owed weren't paid.
There are also liability issues, if you were to become part owner. Your husband may have had this in mind when he established his business, and not included you to protect you from potential liability.
This is partly why a transactional, business or corporate law attorney would be better than an elder law attorney for this situation, to initially sort out what could be owed and have priority status, and what might be available to you after those priority interests are satisfied. Addressing your own potential role or inheritance in the business would be part of this analysis.
And your husband's corporate accountant could help identify the assets as well.
One of the regular posters here is GuestShopAmin; she's an accountant. She could address some of these issues with more insight than I. Still, you need to see an attorney to work out the inheritance issues.
GA, on the nose. Talk with lawyer. Type of corporation matters. How assets are titled matters. State incorporation laws matter. In Texas, a limited liability company is incorporated and can be an S Corp. was there more than one shareholder? Is he competent with dementia to make changes? Is there a board of directors? Is there a succession in the articles of incorporation? And factoring is the process where a company sells its accounts receivable to someone else that can legally collect. Not a do it yourself project...
By proceeding, I agree that I understand the following disclosures:
I. How We Work in Washington.
Based on your preferences, we provide you with information about one or more of our contracted senior living providers ("Participating Communities") and provide your Senior Living Care Information to Participating Communities. The Participating Communities may contact you directly regarding their services.
APFM does not endorse or recommend any provider. It is your sole responsibility to select the appropriate care for yourself or your loved one. We work with both you and the Participating Communities in your search. We do not permit our Advisors to have an ownership interest in Participating Communities.
II. How We Are Paid.
We do not charge you any fee – we are paid by the Participating Communities. Some Participating Communities pay us a percentage of the first month's standard rate for the rent and care services you select. We invoice these fees after the senior moves in.
III. When We Tour.
APFM tours certain Participating Communities in Washington (typically more in metropolitan areas than in rural areas.) During the 12 month period prior to December 31, 2017, we toured 86.2% of Participating Communities with capacity for 20 or more residents.
IV. No Obligation or Commitment.
You have no obligation to use or to continue to use our services. Because you pay no fee to us, you will never need to ask for a refund.
V. Complaints.
Please contact our Family Feedback Line at (866) 584-7340 or ConsumerFeedback@aplaceformom.com to report any complaint. Consumers have many avenues to address a dispute with any referral service company, including the right to file a complaint with the Attorney General's office at: Consumer Protection Division, 800 5th Avenue, Ste. 2000, Seattle, 98104 or 800-551-4636.
VI. No Waiver of Your Rights.
APFM does not (and may not) require or even ask consumers seeking senior housing or care services in Washington State to sign waivers of liability for losses of personal property or injury or to sign waivers of any rights established under law.
I agree that:
A.
I authorize A Place For Mom ("APFM") to collect certain personal and contact detail information, as well as relevant health care information about me or from me about the senior family member or relative I am assisting ("Senior Living Care Information").
B.
APFM may provide information to me electronically. My electronic signature on agreements and documents has the same effect as if I signed them in ink.
C.
APFM may send all communications to me electronically via e-mail or by access to an APFM web site.
D.
If I want a paper copy, I can print a copy of the Disclosures or download the Disclosures for my records.
E.
This E-Sign Acknowledgement and Authorization applies to these Disclosures and all future Disclosures related to APFM's services, unless I revoke my authorization. You may revoke this authorization in writing at any time (except where we have already disclosed information before receiving your revocation.) This authorization will expire after one year.
F.
You consent to APFM's reaching out to you using a phone system than can auto-dial numbers (we miss rotary phones, too!), but this consent is not required to use our service.
What kind of business does your husband own? Be aware that if there are assets he purchased with a loan, it's more than likely a secured loan and the financing institution will have taken a Security Agreement as well as filed a UCC-1, giving it a secured interest in the assets of the business. Depending on whether it's standard wording, it would probably include furniture, equipment, vehicles, and more, as well as receivables. That's a priority interest.
There's another type of business loan that arises from accounts - I can't remember the exact terminology and only worked on one case several years ago in which this was an issue. Might have been an "accounts stated"....I just don't remember. But the creditor had an interest on which suit could be filed if funds owed weren't paid.
There are also liability issues, if you were to become part owner. Your husband may have had this in mind when he established his business, and not included you to protect you from potential liability.
This is partly why a transactional, business or corporate law attorney would be better than an elder law attorney for this situation, to initially sort out what could be owed and have priority status, and what might be available to you after those priority interests are satisfied. Addressing your own potential role or inheritance in the business would be part of this analysis.
And your husband's corporate accountant could help identify the assets as well.
One of the regular posters here is GuestShopAmin; she's an accountant. She could address some of these issues with more insight than I. Still, you need to see an attorney to work out the inheritance issues.
Good point about factoring - I had completely forgotten about that. (Sometimes I really DO miss working!)