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Family Corp Problem

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1 Family Corp Problem on Mon Jun 08, 2015 3:31 pm


Arresto Menor
Hi, thanks for creating this site.

i hope i posted on the right section, as this may also cover land/property issue.

please help

a father bought a land and developed it for commercial(CORP) use, father died and wished(verbal) to his children(2), boy,girl and mother, to share evenly what profit the commercial place may earn. years went by, boy is living a luxurious life, spending over his means, not too long he's in deep money trouble. now he's harassing the girl and mother to give money in advance repeatedly, texting them that his atty will come and request for transparency for the profits, accusing them of unfairly distribution of profit etc., girl wants to get rid of this harassment. discovered that the commercial place is named after her, the land title has her name, so legally she owns the land.

she wants to boot the boy out of the profit sharing because of the threats and boy is really dragging them down with him, please advice how can she do this if the commercial place is in a CORP(boy,girl,mother)

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2 Re: Family Corp Problem on Mon Jun 08, 2015 7:23 pm


Reclusion Perpetua
Asuming it was a normal marriage, the MOTHER are entitled to MORE than half   Smile  of the TOTAL assets including home and such. AT LEAST 5/8.  The kids get 1/8 each. The last 1/8 I'm not sure when there are no will, but if
/counting the TOLD as a will, then the kids split that last 1/8 equal.
/BUT because it was changed to the DAUGHTER's, when  the father was alive  (?)  I asume the father KNOW the son is a mess   Smile    So this can perhaps be seen as the son hot the MIMUNUM  =1/8    and the daughter got the extra 1/8.

When was it changed to daughter's name?  =Long before father died?    If so PERHAPS it can be counted as a GIFT of a type which are NOT included when spliting the inheritance.  

In any case (except if the OTHER part than the business is worth comparingly much) the boy HAVE GOT TO MUCH   Smile      Perhaps this to much pay can be worth even whole buy out of the boy.

Above is when counted it as the business was INHERITED.  
By the business is allready in daughter's name, it's made EASIER   Smile      Perhaps the boy can QUESTION in court if the transfer to the daughter was made so the boy don't inherit any of that, but perhaps he can get 1/8 by that. If not, the daughter can just kick him out legaly   Smile   =Stop paying ANYTHING, because the boy don't have any legal right to get anything.

But I believe most likely the boy have right to 1/8. The boy can't be forced to sell his 1/8  (exceot through some "uggly" complicated process, which I don't recomend, and it cost rather much money to do). BUT by he has got 1/3 he has got MUCH TO MUCH, so it will take years until he has right to get ANYTHING anyway...   Smile
By leting a lawyer, barangay captain or someone else the boy believe, convinsing him of this, he can be more likely to agree to be bought out by paying him some EXTRA SOON, because otherwice he will get NOTHING during years legaly...

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3 Re: Family Corp Problem on Mon Jun 08, 2015 9:35 pm


Reclusion Perpetua
ang pagkakaintindi ko, sa habilin, kita lang ang hati sa tatlo, hindi ang property mismo,,
so posibleng regalo nga eto sa girl,
kung wala nang ibang property, pwede maquestion eto ni boy, pero kung marami pang iba, oks lang
magbigay sa isa, na wala sa isa.

buhay naman c nanay, so ano ang say nya?

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