Is it okay if the company pays off the retiring CEO son's home mortgage as a retirement money?
submitted by jake

letsseehere

Legally, it could be considered a gift or a loan, which has tax implications. The company would need to document it properly to avoid issues.

Bob Thorne

Paying off a family member's mortgage could be seen as a benefit or compensation, which might be taxable income for the son, and could violate company policies or tax laws if not properly accounted for.

Ray Vette

This arrangement could trigger the gift tax or be viewed as a conflict of interest, especially if not disclosed or documented correctly. Something like this could put the company at risk for legal repercussions during an audit.

Ray Vette

It's generally not advisable as a retirement strategy. Accounting wise, it could be viewed as an improper use of company funds and might lead to legal or tax penalties.

CroxWithSox

Using company resources to benefit a family member personally blurs ethical lines and could damage the company's reputation, or at least management. Sounds a bit risky. Questionable, at best.