Found more money due to estate after probate

[jools0099]

What is the name of your state?What is the name of your state?
TEXAS
My father's will was probated 3 years ago and I just found a loan that was never repaid to him and was not included in the estate appraisal. This is the tricky part. He owned his own business and basically took his salary and put it back into the company as a loan. The company has since been sold (several times). I recently came across a copy of the 2002 Corporate Income Tax (the year he died) and noticed on form 1120 line 19-Loans from shareholders for over 20K. Apparently the debt was passed on to the new owners. I need to know 1) Is there a statue of limitations involved? 2) Do the new owners legally have to honor this debt and if so how do I go about getting it? 3)If I have legal right to request the money from them, is there a statue or code I can show to them to save on legal fees?

Would really appreciate the help.

Jools

 

[Dandy Don]

You need to show your paperwork if you have any to a local business law attorney to get the proper interpretation. You seem to think that the loans are payable to your father but it is more probable that the loans are payable to the company and it's hard to see how your father would have any claim to this repayment--the money should go to the company.

Is there any paperwork about loans that shows who should be making the repayments and where the payments should go?

First check with the executor of your father's estate to see if he/she knows anything about this. Since the company has been sold, was your father's estate ever able to receive any money from any of the sales?

DANDY DON IN OKLAHOMA ([email protected])