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Can Daughter Help Father- Sole Proprietor sick & unable to communicate, property in pre-foreclosure/New Business & Mortgage?
Brooklyn, NY
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Posted about 1 year ago in General Practice
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My dad, a sole proprietor and property owner had a stroke leaving him unable to speak and fully communicate. Prior to the stroke he wasn't very open about his business! His property is in pre-foreclosure. There are other utilities and judgments that have been filed against him but I have no way of knowing what's what until I receive a legal threat. Initially, there was supposed to be a family effort to provide support for him. That is no longer the case! There is no additional income from my dad to keep things afloat. I have POA for his affairs. With several children and no one contributing besides me, I can't afford to protect my investment. If I were to form a LLC to protect my personal property and affairs, would I be able to feasibly do business, i.e. transfer the property to the business, rent the available apartments, secure leases, and create business in the space that he once occupied to produce business and regular revenue that will be able to pay the mortgage?
Would I also be able to re-visit his current mortgage which covers the property as 51% commercial/49% residential to a different ratio, if I can build a first floor apartment for him in the space once used solely for business? If I made it a higher percentage of residential would there be a possibility for a re-structured mortgage? - Is this your question? Add additional information Answers (1)
Gene R. Berardelli
This attorney is licensed in New York.
Posted about 1 year ago.
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First of all, I'm sorry to hear about your father.
From the looks of things, you have multiple issues going on here, so let's see what can be addressed now, and what additional information would be needed. Regarding your father's debts, if there are debts assigned to collection agencies, contact them and arrangement to make a payment schedule. Explain the situation to them - they may be more willing to negotiate because otherwise the likelihood of collecting is small. Some debts, like the utilities need to be addressed immediately, or you will risk having them shut off. Do the same with them, but make addressing those debts a higher priority. Addressing debt take discipline on your part. The key is to prioritize, and keep your promises to pay as realistic as possible so you can stick to whatever schedule you both agree upon. Regarding any property matters, the benefits of different entities, and "protecting your investment", a lot of the answers depend on some unknown factors, (i.e.: the current ownership situation, how far down the mortgage is currently, where the property is located / how it is zoned, etc.), and a lot depends on some personal information that shouldn't be given out on the internet for all the world to see. Contact an attorney for a detailed, personal answer to your questions. |
