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Under Florida law there is no requirement to probate a will. When determining whether or not to probate a will it is important to consider the following: What assets must be transferred out of the Decedent’s name? If there are no probate assets there would be no reason to probate […]
Read MoreFor tax purposes, the basis of an asset generally equals its purchase price, and an asset’s basis determines the gain or loss when sold. If, for example, you purchase stock for $50 that you later sell for $75, you have a $25 taxable gain (i.e., $75 sale price less your […]
Read MoreS corporation stock, whether owned individually or by a trust, merits special attention upon death. Congress presumably did not want a shareholder’s death to terminate an S election, so an estate of a deceased S corporation shareholder is a permitted shareholder during the period of administration. If the executor transfers […]
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