avoiding probate

[prevention]

If I deed my house to my corporation, it will pass upon my death to the next head of the business. He can then sell the house if he wishes without probate problems. However, if I am John Doe, BDA (doing business as) XYZ Company (not incorporated), will the next head of the company (my son or other person) have ownership of the house and be able to sell it? The house deed would read XYZ company as owner. I am interested in PA and FL law.

 

[curb1]

Why would you do this instead of forming a revocable trust "to avoid probate"? Upon your death the house could pass almost immediately to whomever you desire.

You are talking about tax considerations if the business owns the house and then sells it. The proceeds of the sale would be held by the business. Distribution of the proceeds would then be subjected to taxation for the recipient of the proceeds.