jacksonbb[at]fusemail.com (Sandy Wing) wrote:

- quote -

The oversimplified answer is yes, this would be the usual
disposition. Father's shares would be community property and
so would go to mother on his death.

If they are separate property -- which they may be, if his
investment was made with his separate property, then they
would pass according to his will. If he were to die without
a will (intestate), they would be split between mother and
their children (including you) according to a formula in the
Probate Code.

Father's parents would not get anything unless (1) a will
provided for them, or (2) in intestate succession, neither
mother nor any children survived him.

If you want to make sure the shares go to a particular
person, you need to get your father in touch with a probate
lawyer to arrange his will accordingly.

I will not address the question of whether sham ownership of
an S corporation raises tax fraud issues beyond simply
pointing out that it exists.

--
Not a lawyer,

Chris Green

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Sandy Wing wrote:

- quote -

It depends. Does your father have a Will? What does it
say?

Without a Will, all community property and half of separate
property will go to your mother (assuming they are still
married). Whatever does not go to your mother would go to
you.

Stu

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Sandy Wing wrote:

- quote -

The first question is what does his will say? If not then
the stock ownership would transfer under California law. To
answer that question you need a California lawyer.

--
Frederick E. Jorden http://Tax-Accounting-Payroll.com
7825 Midlothian Tpk - 207 Richmond, VA 23235-5247
EMAIL knowtax[at]bigfoot.com
(804) 320-6210 FAX (804) 320-6211

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I operate a S Corp with half of all the share owned by my
father. If my father dies, will his half of the S Corp go
completely to my mother? I am the only child, and my
father's parents are still alive. the S Corp is completely
run my me, I just use my parents name to save on taxes.
Thanks for any advice you may provide

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