Cheryl inherited her husband's 50 percent interest in a trucking and crop-spraying business in northeast Nebraska. There was no buy-sell and no mechanism to value Cheryl's shares.
The company had over $1 million in assets but also $1m in debt. While the tax returns showed little profit the cash flow was solid and the debt could be serviced.
Cheryl filed an action for judicial dissolution of the corporation. Her husband's business partner filed a pleading stating that he would purchase her half interest for $40,000, but that was not accepted by Cheryl.
The case went to trial. Cheryl's expert valued the entire company at between ...
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With a will (or revocable trust), one can instruct the fidicuiary not to sell real estate.
The will of Beverly Freiden stated that real property at 18th and Jackson Street in Omaha "may either be sold or retained by my personal representatives as they shall determine."
The estate was informally closed in the probate court and no Personal Representative's deed was issued. Neb. Rev. Stat. Section 30-24,104(a) states that "unless a contrary intention is indicated by will, the distributable assets of a decedent's estate's shall be distributed in kind to the extent possible."
The Nebraska Supreme Court held that the real estate remained in the estate of Beverly Freiden. Normally a deed is required to convey real estate, but the ...
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Deceased piano teacher gives $7.5 million to the City of Ralston
LaDonna R. Johnson was a long-time resident of the City of Ralston and taught piano lessons. The City of Ralston plans to use the money to improve Ralston and connect its downtown with the Ralston Arena. This would expand its tax base.
Because Nebraska is one of only six states with an inheritance tax, I can report that Mrs. Johnson's estate totaled $35 million and of that sum, $18 million was Berkshire-Hathaway stock. In the coming years, there will be many Omaha estates like this.
The inheritance tax was $1.7 million.
Source: Omaha World-Herald, December 19, 2019 ...
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