Legal Question in Wills and Trusts in New Jersey

Re: family death

If your wife had a provable interest in her family's business you inherited that share of the business when she died. I expect that she worked in the business and was in line to inherit same but received only a salary if she worked in the business.

If she left you a share of her family's business you must assert that entitlement before it is sold because once the funds are distributed you

will be at a distinct disadvantage.

Gary Moore, Esquire

Hackensack, New Jersey

www.garymooreattorneyatlaw.com

Re: family death

I agree with Gary that the answer depends upon if and to what extent she had an interest in the business. The easiest is to examine your joint returns with your wife. If she had an interest in a business that was required to report her interest on a Form K-1, this information would be included in your returns (Schedule "E"). The next best is to try to get copies of the business tax returns from the year prior to her death forward, to determine if they reflect an interest (Sub "S" corporation, LLC and GP returns will all show who the owners were and what their interest was in the business). You might not be able to get these returns since you are not an owner, so next best is to try to get copies of the Annual Reports for the business, which may be available on line, but you would need the state identification number. I suspect that since you have heard nothing from her family in 3 years, she did not have an interest or it is long gone. Waiting 3 years to make this determination will make any information almost impossible to get.

Re: family death

You would not be entitled to any proceeds on the sale of the family business unless your wife had an interest in the business (e.g. if she owned stock in the company). In that case, her estate would be selling the stock to the new buyer. Based on your question, it would not appear as though she did not own any stock in the business.

If it was 'informally' owned and operated (i.e. no documents showing who owned what) it may be possible to claim she had some equity interest when she died. It may be difficult to prove this however.