Hi, my clients, a husband and wife in their 80's and each trading as sole props are concerned when either of their bank accounts are frozen after one of them passes on. Their attorney advised them to enter into a partnership agreement and to open up a bank account in the partnership but their bank advised them a partnership is not the way to go, as the account would still be frozen if either one of them died.

They own rental properties which are all in their personal names. I'm thinking of registering a pty for them so that the pty bank acc will have continuity, and then re-directing all rentals and expenditure via the pty and their salaries would reduce the pty taxable income to zero and be taxed in their hands at the end of each year. The properties would remain in their personal names.

However I'm not certain if this is the best course of action and would appreciate feedback or better alternatives.

Many Thanks

Peter