Legal Question in Real Estate Law in Florida

Forming a corp to help parents retire.

My father currently owns about 80 acres of land and it is valued at about 25 - 30 thousand an acre...He has retired in the last 6 months (he is 70) and they cannot make ends meet to pay all their bills and be able to do what they would like to do. They have to either sell the land or get some help.

My dad's idea was to form a corporation and allow his children (all 9 of us) whom he wants to leave the land to anyway, to buy shares that would enable he and our mother to live comfortably and he could afford to get a tractor and other things he needs to make the land more valuable. I have gotten mixed opinions about this idea. Not all of us kids are in a position to help them however it would give all of us the opportunity to and those who did would benefit from it in the end...right?

Is there a better way to handle this? Would a simple will (maybe updated every year) which leaves a certain $ amount or percentage that each sibling contributes during the year paid back make more sense?


Asked on 3/05/07, 8:55 pm

1 Answer from Attorneys
Johm Smith tom's

Re: Forming a corp to help parents retire.

You can form a limited liability company and do this only including the children who contribute. But talk to a tax attorney or accountant to make sure this is the best way for taxes.

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Answered on 3/05/07, 10:25 pm


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