Use a trust to keep company from being sold upon death of owner

The owner of this company does not want his company to be sold immediately upon his death. Instead, he wants it to operate for a year or so for the benefit of his employees.  A living trust would be a good tool to accomplish this goal.

Attorney Tom Olsen: Steve from Orlando. Steve, you're on News 96.5. Go ahead.

Steve: How are you, sir?

Attorney Tom Olsen: Great, thank you.

Steve: I own a small business and I'm wanting to know in case I pass away, is there any way of protecting the company and its employees from being sold? I have certain individuals in my life that if I ever passed away, the first thing they'd do is liquidate the company and get what they can get. I owe it to my employees better than that. I was just wondering if there's a protective measure I can put in place to where the employees will at least have maybe a year to continue working before it can be -- Is there any way I can set up a trust that would establish that?

Attorney Tom Olsen: Steve, I would agree that yes, you can. So, Steve, if you have a will that simply says, "When I die, I leave my company's stock to my kids," it will be theirs to do with as they please. If you want to create a trust and appoint a trustee that will manage and control that corporate stock and put whatever, however you want to do it, it can certainly be done and it would be done via trust, Steve.

Steve: That is obviously something that you do?

Attorney Tom Olsen: Yes, absolutely, Steve. We can definitely assist you with that.

Steve: Okay, yes. I would be very interested in doing that then. I appreciate.

Attorney Tom Olsen: Steve, we look forward to being of service to you. You're welcome to call us at our office next week at (407) 423-5561. Again, reach the Olsen Law Group in Orlando at (407) 423-5561.