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mads..lady | My Mom is 89 should she sell her business to me before she dies? |
If she did not sell the business to me, if one day she got very sick and her expences were in the hundreds of thousands could they hook on to her business and make the business pay her medical expensives for many years to come?? Please if you know the answer I need your help...ty...maddy |
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Marcus
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Is that all you care about, money. |
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CoolCat7
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Hell Yeah |
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Jessica
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Why would you ask your mother to put herself in a position where she will not be able to afford adequate medical care?
she should consult an attorney and find the best way to handle her assets. She may want to put them in a trust, or create a power of attorney with instructions on what to do when she becomes incapable of making decisions.
If she sells it to you, I would hope you would use that money to pay her medical expenses anyway, though. People who cannot pay do not get the same standard of care and I would hope you would not let that happen to your mother.
Nonetheless, she should talk to an attorney about the best way to manage her assets and how to put together her will so as to avoid excessive taxes. It may be cheaper to will it to you than to sell it to you. |
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Phils rock!!!
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yes no maybe I don't know |
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Alina K
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I think that she should give you the bussines I'm not quite sure about the selling part though...but if it will help her that is what she should do. Sh might also want to try to find other buyers online to get the best price. (if that's alright with u) |
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andykpln
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yes |
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old lady
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Well, if your mom is sharp enough at 89 to run a business, she likely has a plan in place. Have you talked with her about this to find out exactly what SHE wants to do (because it is her business, not yours). Is there any point to her selling it to you? Could you run it? Are you involved at present?
Whether her business could be held liable for medical or any other charges incurred on her behalf, depends entirely on how the business is registered. If it is a small business and she is the sole owner, then the answer (depending on where you live) is probably yes. If it is a thriving business with a board of directors, shareholders etc, then the answer (again depending on where you live) is probably no.
But why not talk to your mother and see what she wants to do about it? If she has no plans in place to cover this eventuality, then your next best move is to take out medical insurance for her to cover that scenario.
You can consult a lawyer if you wish, but the bottom line is, regardless of what the lawyer says, it is your mother's business and it is her decision. The only exception to that would be if she were non compus mentus, and you were appointed her guardian. |
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Susan C
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I deal with this every day. The answer is very long and complicated, but I'll try to give you the basics. Message me and I'll be happy to explain it more.
Yes, she should sell the business to you if she wishes before she dies. Are you the only heir? Understand there are tax implications in doing this. This will avoid the business going into probate and a big expense and mess for you to deal with. If there are other heirs, not so easy unless all parties are willing to let this happen. However, this will not hide the business from Medicaid if she gets sick in the next five years. Medicaid has a look back period of five years in most states. If she gets sick, you must spend her assets down to $2,000 in most states if she is single. You must pay for her care until she is impoverished then the state will step in and put your mom on welfare healthcare called Medicaid. The only way to protect her business and income and savings is Long Term Care Insurance. Being that she is 89 is not the issue. My company offers it to people up to 89, however it would be very expensive and if she has any health or cognitive issues, probably not an option for her. Unfortunately, people do not understand how important this insurance is. This is not about money for you, it is about protecting what your mother has worked so hard for all her life to spending it and ending up on welfare in a nursing home.
I hope this helps. Let me know if you need more info
I tried to message you, but It wouldnt take my message. suze31c@hotmail is my e-mail I'll give you my number if you message me there. |
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Murders Princess
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I think your mommy should leave the business to you. |
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Betty Boop
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Yes, they could take it all or put a lien on it..If possible maybe she could arrange for you to be executor of her estate and then decide. Or yes, she could just sign it over. |
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$Sun King$
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You need to get this sorted out FAST by professionals that know something about Family Business. Either a banker, lawyer, accountant or all three.
In the mean time, google "family business succession" and see if you can find info relevant to the jurisdiction that you live in. |
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