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The Florida Fourth District Court of Appeal upheld a settlement agreement executed by an alleged incapacitated person prior to the hearing adjudicating that person’s incapacity.
Category: CSBB Blog
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…
For 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…
S 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…
The Florida Trust Code provides that “the trustee shall keep the qualified beneficiaries of the trust reasonably informed of the trust and its administration.” Fla. Stat. § 736.0813. The trustee owes a duty to inform and account. The trustee’s duties to each qualified beneficiary include but are not limited…
