My father set up a real estate company to hold the properties he owns. My father is now dead but the company's shares of stock are primarily under my mother's name 75% and the rest divided among the 7 children.. all living. My mother is now mentally incapable of making any decision. We have to transfer the shares of stock to the children. which would be a better route? Assignment or Donation? The last remaining property is worth P18M, 3 of the children are now US citizens ; 5 or the children are permanent residents abroad. Only 2 are here in the Philippines. My mother just had another stroke and I am rushing to fix up the papers.
Also, the corporation was set up in 1984 but since 1986, it has not filed anything with the SEC or the BIR. I still don't know what the status is with the SEC.
The previous Secretary is in the US, my mom is Treasurer and President. All board resolutions after 1985 were never filed with the SEC.
There are 2 ownership structures/number of shares outstanding and paid for. The earlier on was filed with the SEC... the last one... not any more. Which data should I use to make the Assignment/Donation document? Common sense tells me the earlier though. Is that right?