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
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