Re: probate

[dan.strassberg@att.net]

My understanding is that if a station becomes a "probate 
asset," that is, if it is not held by a trust or does 
not automatically pass into a trust on the death of the 
owner, the executor/executrix of the owner's estate must 
file with the FCC to transfer control to the estate. 
This is an involuntary transfer. I don't know the FCC 
form number.

The executor may then sell the property and distribute 
the net proceeds to the legatees or distribute shares in 
the ownership to the legatees named in the owner's will. 
Either way. this creates another transfer.

An interesting case would occur if the owner named a 
foreign national as the recipient of the property. 
Unless the prohibition against foreign ownership of 
radio and TV stations has been lifted, I don't think the 
FCC would approve the transfer. The station would then 
remain in the estate until the executor or the named 
recipient of the property could transfer it to a 
qualified buyer. The sale proceeds, net, of course, of 
taxes and fees, presumably would then pass to the named 
legatee. The estate is liable for the taxes and fees and 
must sell probate property if the necessary cash is not 
otherwise available.

If any of this is incorrect, I'm sure that one of the 
attorneys on the list will correct me.

> My last posting got me to thinking (incert joke here).  When the sole
> owner of a radio station passes away, is the station probated like any
> other asset?  Does the FCC get involved somehow?  I guess my question is
> what happens?