BIL
State Street SPDR Bloomberg 1-3 Month T-Bill ETF
stock NYSE ETF

Yes to USFR. I just checked Morningstar and over the last 9 years on a price of around $50 it's moved around 30 cents. That's including the 2019 Covid crash. I've had this and BIL, and my direct objective with these is something better than a bank and I can withdraw at any time (unlike CD).

Yes, get your own lawyer, and make sure it's not your FIL's company attorney. That lawyer represents him and the company, not you. A good business attorney costs far less than one bad clause. A CPA who knows S corps is worth adding too.
Things I'd want answered before signing anything:
- Gift or sale? "Given to them less all debt" could mean a gift, a sale, or something in between. Each has different tax consequences (gift tax filings, the basis the new owners get). That's a CPA question.
- Personal guarantees. This is probably your biggest exposure. An S corp protects personal assets from business debts, but banks, equipment lenders, and suppliers often require owners to personally guarantee loans. If your husband signs one, his assets are on the line, and in some states yours too. Find out exactly which debts exist, who guaranteed them, and whether lenders will release your FIL or require new guarantees.
- Don't co-sign anything yourself unless a lawyer has explained exactly what you'd owe. Lenders sometimes ask spouses to sign, and you can say no.
- Due diligence. Ask for 3 to 5 years of financials and tax returns, a list of all debts, pending or past claims, insurance loss history, and the equipment list and condition. Tree care is high-risk work, so check workers' comp history, safety record, and liability coverage limits.
- Buy-sell agreement between your husband and BIL. It should cover what happens if one wants out, dies, becomes disabled, divorces, or they deadlock on a decision. Disagreements between siblings in business are one of the most common ways family companies fall apart.
- Insurance. Look at life and disability coverage on both owners, and review the company's liability coverage before the transfer.
- Transition terms. Will your FIL stay involved? Are there non-compete or consulting terms? Do licenses, contracts, and key customer relationships transfer smoothly?
Congrats, it sounds like a great opportunity. Just do it with the paperwork done properly.
(Not a lawyer, just sharing what I'd want checked. Laws vary by state.)

Yes to USFR. I just checked Morningstar and over the last 9 years on a price of around $50 it's moved around 30 cents. That's including the 2019 Covid crash. I've had this and BIL, and my direct objective with these is something better than a bank and I can withdraw at any time (unlike CD).

Yes, get your own lawyer, and make sure it's not your FIL's company attorney. That lawyer represents him and the company, not you. A good business attorney costs far less than one bad clause. A CPA who knows S corps is worth adding too.
Things I'd want answered before signing anything:
- Gift or sale? "Given to them less all debt" could mean a gift, a sale, or something in between. Each has different tax consequences (gift tax filings, the basis the new owners get). That's a CPA question.
- Personal guarantees. This is probably your biggest exposure. An S corp protects personal assets from business debts, but banks, equipment lenders, and suppliers often require owners to personally guarantee loans. If your husband signs one, his assets are on the line, and in some states yours too. Find out exactly which debts exist, who guaranteed them, and whether lenders will release your FIL or require new guarantees.
- Don't co-sign anything yourself unless a lawyer has explained exactly what you'd owe. Lenders sometimes ask spouses to sign, and you can say no.
- Due diligence. Ask for 3 to 5 years of financials and tax returns, a list of all debts, pending or past claims, insurance loss history, and the equipment list and condition. Tree care is high-risk work, so check workers' comp history, safety record, and liability coverage limits.
- Buy-sell agreement between your husband and BIL. It should cover what happens if one wants out, dies, becomes disabled, divorces, or they deadlock on a decision. Disagreements between siblings in business are one of the most common ways family companies fall apart.
- Insurance. Look at life and disability coverage on both owners, and review the company's liability coverage before the transfer.
- Transition terms. Will your FIL stay involved? Are there non-compete or consulting terms? Do licenses, contracts, and key customer relationships transfer smoothly?
Congrats, it sounds like a great opportunity. Just do it with the paperwork done properly.
(Not a lawyer, just sharing what I'd want checked. Laws vary by state.)

I split between BIL and a short term treasury fund just to avoid having everything tied to one issuer's ETF structure. Yield difference versus SGOV has been small enough that it is not worth obsessing over.

USFR (floating rate Treasuries) and BIL are worth a look for short, liquid yield comparable to SGOV. TLT is long-duration though, so it swings on rate expectations rather than sitting like cash, which matters for a float strategy.