How Do I Write Corporate Minutes?
Video Summary
How do I write corporate minutes? Well, corporate minutes usually consist of shareholder minutes and also director’s minutes. And so what you need to do is write down the date and time and place that the meeting took place and who was in attendance. The bylaws of a corporation will set forth the notices that need to be sent out, which can be waived. And so if you have all of the shareholders in attendance, then you can simply have them sign a waiver that they waive notice of the shareholders meeting, and or you can have a shareholder give a proxy as far as that’s concerned. And then the shareholders are the ones that elect the directors as far as that’s concerned. So that is what you do as far as the shareholder minutes are concerned, you do the same format as far as the director’s minutes are concerned, the date, time, and place, and who is in attendance as far as your director’s meeting. And have them waive notice of the meeting, which are set forth in the bylaws. And their primary function is to elect the officers. If there are any major purchases or decisions to be made, then they need to pass a resolution as far as that’s concerned. They may want to accept the salary for the officers, the corporation. So, all of these things that need to be taken in consideration with the director’s minutes. So that’s how you do directors and shareholders’ minutes. And if you have any questions or need for me to assist you, I have a form that I send out for you to fill out as far as that’s concerned, and I can do the minutes for you. My phone number is (727) 847-2288.
- Published in LLC's and Corporations, Taxes, Videos
Are There Any Tax Implications When an Estate Is Settled?
Video Summary
Are there any tax implications when an estate is settled? The number one, is Florida has done away with estate taxes, and the federal government has raised the federal estate tax limitation in 2024 to above $13 million. So, there’s no estate tax implications in most estates in Florida. The personal representative is charged with filing a tax return for the estate for any income that it received. And so, the tax implications are, is that you deduct the administration costs from the income of the estate, and if there’s any income that’s been distributed out to the beneficiaries, they’ll receive K one and must pay income tax on it. One of the big benefits of inheriting property, however, is you get what they call a step up in basis and the property. If you inherit property or stock, and that you take the asset at the date of death value. And so, if the date of death value is a hundred thousand dollars and you later sell it for a hundred thousand dollars, you don’t have to recognize any gain. You don’t have to go back and determine how much the decedent paid for the property. If you have any questions, give me a call at (727) 847-2288.
- Published in Estate Planning, Taxes, Videos
How Much Can You Leave Beneficiaries Without Facing Estate Tax?
Video Summary
How much can you leave a beneficiary without them having to pay any estate taxes, or rather the estate having to pay any estate taxes? The federal limitation is now up to over $12 million, so you can leave them up to $12 million and not have any federal estate taxes. As far as your estate’s concerned, in Florida, they’ve done away with estate taxes, so the total that you can leave without any federal estate taxes to all the beneficiaries of your estate is anything up to about $12 million. In fact, that goes up every year, and right now it’s a little bit over that amount. So, if you have any questions, give me a call at (727) 847-2288.
- Published in Estate Planning, Taxes, Videos
Does A Living Trust Avoid Estate and Probate Taxes?
Video Summary
Does a living trust avoid estate and probate taxes? The answer to that question is no, it does not. So let let’s talk about the estate taxes in the state of Florida, Florida has done away with their estate tax. The federal government has raised the federal estate tax limit to 11.8 million. So if your estate is less than, 11.8 million, you don’t have to worry about probate taxes. Also if it’s you live in Florida, your Florida assets are not subject to estate taxes. The only time that you may be concerned about estate taxes is if you own real estate outside the state of Florida, wherever the real estate is situated, then that state may have an estate as far as that’s concerned, as far as probate taxes. They’re not necessarily a probate tax that as far as probate expenses, which is primary attorney fees and it can avoid probate. But there still may be some attorney fees involved as far as the administration of the estate. So if you have any questions about your revocable trust, we’ll give a call at (727) 847-2288.
- Published in Estate Planning, Taxes, Videos
Is Retirement Income Taxable to a Beneficiary?
Video Summary
Is retirement income taxable to a beneficiary? I’m assuming that retirement income is coming from an individual retirement account or an IRA. If it is, then it may not be taxable. If it comes from an Roth IRA account, those, uh, distributions are not taxable. Uh, as far as they’re just not taxable. If it’s not a Roth IRA, then the money received from a retirement income is taxable. And so you do have to pay tax on whatever the distributions are. There are usually various options as to how you can take that. If someone passes away and you inherit an IRA, whether or not you can defer that or take it in a lump sum, depends on what type of IRA is involved. As far as retirement income is concerned as to whether an audit is taxable. If you have any questions, give me a call at (727) 847-2288.
- Published in Estate Planning, Taxes, Videos