QUESTION
Who inherits from a sole owner and sole stockholder of a subchapter S corporation?
Asked on Nov 23rd, 2012 on Wills and Probate - Alabama
More details to this question:
A man dies in 2011 without a will, and he has a wife and a child from a previous marriage. He was the sole owner and stockholder of his subchapter S corporation. His wife was the executor of the estate. She dissolved the business in 2012 and kept all assets and business accounts. The business was not included as part of the personal estate. Should she have taken 100 percent of the business or should the child have received 50 percent?
1 ANSWER
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In Oklahoma, the wife would not be entitled to 100%, but 50% would belong to her and 50% to the child. Here, the child would have a cause of action in the probate court for 50%.
If not the same, the rules would be similar in Alabama. The child will need an experienced Alabama probate and estate litigation attorney to advocate for him or her.
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Answered on Dec 03rd, 2012 at 1:00 PM