How to make sure surviving spouse gets income but

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills
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Tony
Posts: 217
Joined: Sat Mar 10, 2007 5:20 pm
Location: California

How to make sure surviving spouse gets income but

Post by Tony » Sun Apr 08, 2012 6:33 pm

Hi Folks,
A question for forum members who know about trusts, like jdcpaesq:

My brother and his wife are setting up a trust. He is a partner in our family business. He wants to make sure that if he dies first, his wife will have the income from the partnership while she lives, but that the partnership and the business remain in our family after she dies. Is this simple to accomplish via a trust?

He's just exploring this in advance of going to see an estate attorney. It's a good idea to know as much as possible beforehand.

Thank you and best wishes!
Tony

Leesbro63
Posts: 5335
Joined: Mon Nov 08, 2010 4:36 pm

Re: How to make sure surviving spouse gets income but

Post by Leesbro63 » Sun Apr 08, 2012 6:56 pm

You definitely need a good small business attorney. It sounds like you need life insurance that will buy out a deceased partner. The proceeds of that buy out would at least partially fund the family of the deceased.

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