Mary has several businesses, a real estate partnership with one other person, another business organized as a Limited Liability Company of which she owns 51%, and a third business organized as a corporation which Mary owns 50% of the shares and her brother owns the other 50%.
Mary has three children, two are well into adulthood, but her youngest is 17 and will be starting college next year and plans to study medicine after she completes her undergraduate degree. Her oldest child, Lindsey, has been working in Mary’s LLC for several years, and has expressed interest in becoming an owner at some point in the future. The other adult child, Hunter, has no interest in working in any of the businesses.
As a single mother, Mary is concerned about what will happen to her businesses because they are her main source of income and her largest assets.
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