Legal Question in Business Law in California
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I am the owner of an S-Corporation in California. I want to transfer ownership to my son at no cost to him.
I have left it to him in my will in case I die but will there be inheritance tax due?
What is required for this transfer to be done and to limit any tax impact?
Asked on 6/13/17, 3:08 pm
1 Answer from Attorneys
You would be much better off putting the shares in a trust to avoid probate and inheritance taxes. Passing them by will subjects you to both and transferring them before you die will have negative tax consequences too. Also be sure that the corporate bylaws have succession of ownership covered.
Answered on 6/13/17, 3:20 pm
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