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4/30/2010
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debra thal :
The shares are assets of the estate. There is a deemed dispostion at fair market value at the time of your husband's death. This is where the taxes and probate fees come into play. The shares are no different than any other asset.
Does the answer your question?
I am sorry for you loss.
Customer: These shares are assets of the ESTATE? even if the shares are the property of the Corporation?
Customer: These assets have been moved to the sons via Letters of transmission
debra thal :
The shares are not property of the corportation. You are misunderstanding the law.
Someone has to own the shares. The shareholders own the shares and thereby own the company.
The shares were first owned by your husband. But when he died (because they were not held jointly) they passed to his estate. Then the executor will take what steps are necessary to give the shares to whomever is supposed to inherit them, your sons. Now your sons will be the shareholders, owners of the company.
Customer: So I do have to pay the tax for the company/
Customer: Thank you Debra, I have my answer, OUCH! Thanks for your condolences
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