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Richard, Attorney
Category: Estate Law
Satisfied Customers: 55143
Experience:  29 years of experience practicing law, including tax and estate planning.
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My estate panning question: Best strategy for estate plan: Facts:

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My estate panning question: Best strategy for estate plan:

Facts: (1) Married, age 68, never divorced, good marriage, three married daughters

Assets: Sub S Corporation solely owned by me: Owns real estate, 3,000 sq. foot
building in Largo, FL, $550,000, leased to 5 tenants, plans are to retain
ownership, owns 6 parcels of in NC, $800,000.00, owns home/office in NC,

Assets: Personal: Wife owns home Largo Florida, $425,000, brokerage account
$400,000 jointly owned husband-wife

Summary: I carry excess auto and real property liability insurance, have considered joint trust package, LLC for real property. Will await you reply.

Thank you,

C. M. C.
Welcome! My goal is to do my very best to understand your situation and to provide a full and complete answer for you.

Good afternoon. First, I would suggest putting each of your real property assets in separate limited liability entities so that a problem with one does not contaminate the others. Second, I would suggest putting your assets, including the ownership interests in a living trust; that will allow your heirs to avoid the probate process upon your death for probate assets. The living trust will then contain provisions as to how to distribute your assets upon death...typically for the benefit of your wife for her life and then to your children. That way your children's inheritance is certain even though your wife may re-marry. Third, at your assets levels, you don't really have any estate tax issues because you're under the exempt amount. Fourth, you should do a Durable General Power of Attorney and a Durable Medical Power of Attorney to appoint someone to act on your behalf during your life should you become unable to do so on your own. I think I have addressed your question fully, but if you have further questions, please let me know and I'll be happy to elaborate on anything necessary.

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Customer: replied 3 years ago.

Thank you for your promptness... should shares of the LLC and the stock of my sub s corporation be put into the living trust?

You're welcome. Your LLC shares could and should be included. You would likely want to leave your S Corp shares out because it could disqualify your S Corp status. You might want to transfer your S Corp property to an LLC and dissolve the S Corp to get it into the living trust.
Customer: replied 3 years ago.

My background in mathematics of finance, primarily now I work as a fiduciary, are you licensed in FL? I will need an attorney to put a draft together, are you able to do that? Can the language of the trust be arranged so that the sub s stock does not disqualify the sub s status?


Thank you,



Unfortunately, under my terms of service with JustAnswer, I'm only allowed to provide information and am not allowed to provide direct representation to JustAnswer customers. I'm sorry. There are certain kinds of trusts which can qualify as S Corp shareholders. A trust is eligible to hold S corporation stock if it is a Subpart E trust (“grantor trust”), a
testamentary trust, a voting trust, a qualified Subchapter S trust (“QSST”), or an electing
small business trust (“ESBT”). A living trust should qualify as a grantor trust...but you will want your attorney to specifically make sure your living trust qualifies. I mentioned potentially avoiding this simply because many times my customers simply download trust agreements from the internet and don't follow through with making sure the trust is drafted properly. :)
Customer: replied 3 years ago.

Thank you for your punctual and l knowledgeable reply, what would be the best way to remain in touch with you until this matter is concluded?


My rating is 10..



You're's truly been my pleasure to help!

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