Can I give my son my company worth $.5M without having my son pay any taxes on the gift?
Do I have to declare it to the IRS?
Am I required by law to disclose to a potential business partner that one of the current 49% and active partners is mentally ill?
What happens if the initial lawsuit settlement hits a dead end. Both parties are not agreeing on the final details of the settlement?
1 Answer from Attorneys
Those are all questions that need to be answered in person and not a public site.
As for the tax question, tax issues are not always cut and dry. You have to determine if it falls into the non-taxable class. Do you intend to give this give while still alive or are you willing it to your son? Are your married? If so, do you and your wife own the buisness? We have to weed through some of these questions.
You can have the potential business partner sign a non-disclosure agreement. The question is what specifically is the issue. Has a active partner been declared incompetent? As such, a court may issue a decree for the dissolution of a partnership if a partnerís is unable to perform under the partnership; a partnerís being declared mentally incompetent; the misconduct of a partner that affects the partnership, etc.
You mentioned an "initial lawsuit" and "settlement" I would need more information to begin to offer some viable solutions.
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