Users' questions

Who is a non managing member of a Florida LLC?

Who is a non managing member of a Florida LLC?

If your Florida LLC will be Manager-managed, you need to determine who is a Manager and who is a non-managing Member (although having a non-managing Member isn’t required, it’s just a potential; since you can both be Managers).

How old was johnnette Benkovic when her husband died?

Johnnette was married to Anthony Benkovic, for close to 34 years. Anthony passed away in 2007 to terminal brain cancer. Anthony & Johnnette had 3 children – Jessica, Thea and Simon Matthew Benkovic. Unfortunately, their son Simon died in a tragic car accident in 2004, just one week after he had returned from Iraq as a decorated soldier.

What happens to step up basis after death of husband?

If wife was owner of part of the property as anything other than community property, then only the portion that husband owned would get the stepped up basis. If wife owned the entire property at the time of husband’s death then none of the property would get the stepped up basis, and there would be the gain you state.

What happens when a member of a LLC dies?

The LLC operates a bar / restaurant and the other member died suddenly. Guess what? Without an operating agreement, the deceased member’s LLC interest goes into his estate and, most likely, the spouse of the deceased member ends up as your new partner. Not all written operating agreements deal with the death or withdrawal of a member.

Can a single member LLC become part of an estate?

The fact that your husband’s LLC was a single member entity does not change the discussion above, in my view. The LLC interest becomes part of your husband’s estate. This means you have to go through the probate court process to gain control of the LLC. Unknown said…

Is the surviving spouse entitled to an elective share?

The surviving spouse is entitled to an Elective Share. Pursuant to our statutes in New York State, a surviving spouse is generally entitled to a minimum 1/3 distribution of the deceased spouse’s assets if he/she chooses to exercise this Right of Election.

Can a deceased spouse claim less than the legally determined amount?

If the deceased spouse chose to leave less than the state’s mandated inheritance right, the surviving spouse may claim in court the legally determined amount. Note that this requires action from the surviving spouse; if she does not claim the legally determined amount in a court proceeding, the court follows the terms of the will.