Dayton, OH asked in Banking, Probate, Business Law and Estate Planning for Ohio

Q: Mark&Mary were together for years had a child. Marks parents pass small business down to them in marys name cuz he owes

Taxes. He counties to run company. They have a business bank account that he was on originally she was added to later. Bank says they are both equals on that account. Does he have rights to that money after she passes and business becomes shut down.

1 Lawyer Answer
Andrew Popp
Andrew Popp
PREMIUM
Answered
  • Estate Planning Lawyer
  • Ravenna, OH
  • Licensed in Ohio

A: Additional facts are needed to answer this question. Much depends on how the bank account was set up. Who is the actual owner, who are the authorized users? Are there survivorship rights (if applicable), what do the company documents say? (articles of incorporation or Operating Agreement for a corporation or LLC respectively). I recommend sitting down with an attorney to review all the documents in detail so a detailed analysis can be performed.

Best of luck.

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