Legal Question in Wills and Trusts in Colorado
Inherit the Firm
I understand that it is not possible for a non-lawyer to inherit, and subsequently own, a law firm. Is there a way, using a trust, or proxy corporation to arrange this?
1 Answer from Attorneys
Re: Inherit the Firm
It is not. The planning for one's law firm interest should occur as part of the lawyer's estate planning. Whether through buy sell arrangements or otherwise, the law firm interest should be purchased by another lawyer. This is what would occur with the interest at death. The Personal Representative would hire an attorney for legal work required and pay that attorney accordingly. Since only a licensed attorney may collect attorneys fees, these will not be split with the estate.
You should consult with an experienced estate and trust lawyer before proceeding further.
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