existing 401(k) Plan

We have a client who has maintained a plan for well over 30 years and has passed away as of last week, he was trustee on the plan.  He owned a dental practice and now there is a dentist who was renting space from him and actually caring for his patients while he was ill, this dentist is going to be buying the assets of the practice.  Question, can the plan be sold with the practice and the new dentist become the successor sponsor?

I wouldn't actually say the plan can be "sold" but the new "employer" can assume responsibilities as plan sponsor of the plan.  We see this happen occasionally in asset sales/purchases.  The "lawyers" need to be involved.....

Agree with MoJo's observations.  The assumption of the plan could really be a convenient solution for both parties, but the buyer and his/her counsel need to be fairly comfortable that buyer would be assuming a plan without any material compliance deficiencies.

13 hours ago, jpod said:

... but the buyer and his/her counsel need to be fairly comfortable that buyer would be assuming a plan without any material compliance deficiencies.

Due diligence is a must (and pretty much any problem can be fixed - it's just a matter of cost/effort).

Is the purchase an asset or stock purchase?  One require the buyer to assume the Plan, the other makes it optional.

It will be an asset purchase