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Estate Question?
My grandfather in law passed away and we had an auction estate to pay off some debts. My question is if he was a on a building that was an LLC and there are other members on that LLC, since he passed, the other members inherit his share of the business or building he had in, but can they take his portion of the building/business that he had in the LLC for the debts?
8 Answers
- curtisports2Lv 72 years ago
There is not a 'one size fits all' answer for this. It depends on specifics none of us here know anything about. Whoever the executor of the estate is needs to be discussing this with the attorney they retained to represent the estate. If an attorney was not retained, big mistake. The executor needs to get one ASAP.
- JeffreyLv 72 years ago
This can't be answered without knowing the details of the LLC agreement. You need a lawyer.
- STEVEN FLv 72 years ago
Depending on how the LLC was structured, his share MAY automatically default to the remaining owners, or become a part of the estate that would be sold. In nearly all cases, the remaining owners would at least have the first chance to buy out his share.
This is an issue for which an attorney would have to do some research to determine the legal answer.
- SlickterpLv 72 years ago
First, what they get depend son how the deeds are written and how the LLC is set up
They can't take it for debts unless he owed them money, which wouldn't make sense.
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- Anonymous2 years ago
Ask a lawyer, and by the way, there is no such thing as a grandfather in law.
- MikeLv 72 years ago
The agreement establishing the LLC provides what happens to its members' shares upon death of a member.
- 2 years ago
His share of the LLC is sold to pay off the debts.
Heirs don't "inherit" the assets till after the estate's debts are all paid off. You can't borrow money and then leave that money to other people, not paying off the loan first.
Also the other members of an LLC are not automatically his heirs. They don't inherit his share at all, unless that is in the will.