My dad has owned a small business in Massachusetts for many, many years. It has some value and usually shows an income. The rest of his "estate" is small. He lives of his Social Security and his income from the business and has a house. That's about it. He will never willingly give up his business or let anyone, including me and my sister, help him with it. I really don't know how this will play out but I'd like to help him with the business, keep that income stream alive for him, so he can continue to pay the bills and live in the house he has lived in for decades. As he gets older he is becoming less "sharp" about money matters and has missed some important bill payments. I was thinking as a compromise (he is VERY hard to talk to and we have had some run-ins), if he refuses to budge, we could try to get a limited guardianship just so my sister and I can help him with the business. He could still take care of his house and bills, but we would make sure he still has his income stream. And he could still go to work everyday, instead of having to sell the business. Would that work?
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Limited Conservatorship
Without knowing your father or the situation, I cannot really tell you if a limited conservatorship (control of the business and finances, as opposed to control over the person) would work in this situation. Certainly Massachusetts law allows for limited conservatorships and guardianships and actually encourages courts to grant as little control as practicable to the conservator or guardian. You may want to talk to an elder law attorney about your plan. Some estate planning attorneys have a good deal of experience with family business succession planning. If you can convince your dad to talk to one of these specialist, he may be able to, on his own, come up with a plan that satisfies your desire to help while maintaining his control as long as possible. Good luck.