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Ellen, Attorney
Category: Business Law
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Experience:  25 years of experience helping people like you.
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My son owned 24% shares of my S corporation and he died last

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My son owned 24% shares of my S corporation and he died last year. There is nothing in the corporation papers stating what to do in the event of death. He did not participate in the business and had no other assets. The business is not doing good and profits at the end of year are small. I was not going to file probate because he had no assets. What can I do with his shares? He was not married but has a 17 year old daughter in my custody. Can I transfer the shares to myself and my other son who are the only other shareholders?
Submitted: 6 years ago.
Category: Business Law
Expert:  Ellen replied 6 years ago.

Thank you for your question.

The shares that were issued to your son are assets of his estate. Absent a will, they would pass as per the intestate statute to his daughter.
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