Legal Question in Business Law in New York
If you own a family business can you sign a personal guaranty that can make your children and children's children liable for your business debts? Can your children ever be liable for your any of your debts?
2 Answers from Attorneys
No. No one can make another individual liable for his or her debts without consent. There are some rare exceptions. For example, a husband or wife can be held responsible for his or her spouse's "necessaries" such as medical bills.
No, not in the way you seem to be concerned about. In some cases, a parents assets can attach therefore affecting a child's share of an estate. And you can never obligate someone else including your child to be responsible for your debts without their permission.
If this is a serious matter, I suggest that you consult with a lawyer in private and discuss your objectives in more detail. You can start by calling around to several for a free phone consultation, get some insights then pick the best fit to work with.
If you would like to discuss further over a free phone consult, feel free to contact me anytime that is convenient.
Our firm is now referred by the American Bar Association (see under the New York section):
http://www.americanbar.org/groups/delivery_legal_services/resources/programs_to_help_those_with_moderate_income.html
Kind regards,
Frank
www.LanternLegal.com
866-871-8655
DISCLAIMER: this is not intended to be specific legal advice and should not be relied upon as such. No attorney-client relationship is formed on the basis of this posting.
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