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My father relies on disability and retirement pay from his time in the military to live, and has plenty left over to build an estate. He owns a few parcels of land, wants to grow a vineyard and set up a solar power array. He also wants to start an LLC in Nevada and make his three sons non-payed, non-voting officers of the corporation to make sure everything stays in the family when he dies, not intending make it into a business. Questions: Will forming an LLC pull my father out of retirement, nullifying his retirement pay? Will the income from the solar power array do the same? Can the sons ply their trade without screwing their father out of his current pay? Generally, what are the limits of what can be done on the land/in the LLC without it being considered a business? Thanks ahead of time for the help. I don't really have a head for this sort of thing.
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Aug 2, 2015 20:35
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you should find a lawyer who specializes in estate planning, tax law, and/or serves as an financial adviser. these things vary so wildly from state to state and situation to situation that you really need an expert's advice. you can even get varying advice from two experts, depending on their comfort levels with interpreting tax law and your situation. I'll just say, your questions - at least for my state - indicate that you or your dad might have misunderstandings about how LLC's work, how retirement pay works, how wills and estates work, and probably how income from solar arrays work. I know a fair amount about all those topics, but again, it varies hugely from state to state - so I won't bother attempting to give you any advice. But, I strongly suggest that unless a miracle lawyer who knows about PPA's, happens to be a tax wiz, and hails from the state of Nevada shows up, you should really seek professional counsel.
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Aug 3, 2015 06:13
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To be honest, I don't really understand what he's trying to do myself, so I'm probably not asking correctly. In any case, the land is spread across four states, so my chances of getting any sort of reliable, universally applicable guidance are slim. They actually don't exist, since I don't know where to start looking. Figured I'd try here first, just in case. Sorry to take up your time, and thanks for the answer.
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Aug 3, 2015 06:56
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BattleCattle posted:To be honest, I don't really understand what he's trying to do myself, so I'm probably not asking correctly. In any case, the land is spread across four states, so my chances of getting any sort of reliable, universally applicable guidance are slim. They actually don't exist, since I don't know where to start looking. Figured I'd try here first, just in case. Sorry to take up your time, and thanks for the answer. the cool thing about paying professionals to give you advice, is that they should enown the problem, and find the answers for you. that's what you pay them for. if they don't or hem or hedge, you've found the wrong person. it could be he needs to retain a larger firm that has operations in multiple states. it will surely cost a couple thousand dollars to get this question answered, but if he wants the answer, Joe Blow Law, LLP isn't gonna give him what he needs...
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Aug 4, 2015 05:57
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