QUESTION

How can I negotiate signing off my share of a plumbing company with the family of the deceased "owner"?

Asked on May 17th, 2013 on Estate Litigation - New York
More details to this question:
My step father was married but separated and was with my mother "mistress" for 20 years. As he had issues with the IRS he asked my mother's sister (my aunt) to sign all paperwork and act as CEO/major shareholder of the company. My aunt never asked for any copies of any paperwork. My stepfather passed away last month, in April. His family called, asking my aunt to sign off her share of the company. My aunt wanted to compensated what corresponds to her to walk away. They claim the company is bankrupt. My aunt has no attorney to represent her, no law and policy knowledge and no company paperwork. She doesn't even know what her ownership percentage is or even the value of the company. For as long as she has been "CEO" she has never received a payment, so it is only right that she receive something now. She would not like to go to court. The company lawyer has the family's interest and no one has my aunt's interest. What are her options?
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1 ANSWER

Estate Planning Attorney serving New York, NY
1 Award
Get a lawyer.  This arrangement was illegal, and there could be other lurking problems.  As CEO, she is legally personally responsible for taxes, unpaid wages, and many other claims that could exist.
Answered on May 26th, 2013 at 11:06 AM

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