A formal definition of a “close” corporation reads a “corporation [that] does not exceed a statutorily defined number of shareholders and is not a public corporation… The main benefit of a close corporation is that it will be exempt from a number of the formal rules which usually govern corporations.”…
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…
What happens in Florida if someone gets divorced and then dies without updating their estate plan? Depending on the asset, Florida law provides a set of rules governing the effect of a divorce on that particular asset. Last Will & Testament Florida law provides that all provisions in favor of…
If you have ever been involved in an estate proceeding, you may have heard the terms “executor,” “administrator,” or the feminine versions of these terms (executrix or administratrix). However, in Florida, the name used for this role is the “personal representative.” In short, the personal representative is the person appointed…
