D
Dona54
Guest
Long Story, Please bare with me. (This is only parts of the story & it is taking place in Arkansas)
My Mother in law died Jan 2000. She had 5 sons. The two older were only left 1/5 of her half of a farm (the other half belonged to her brother)because of large debts the two sons owed her & never paid back. Everything else was left equally to the other three sons. One of which was named as a executor, one was my husband & the last son whose wife was also named as executor.
There was a family business that my husband as well (as the other two sons) owned 12% and the mother in law owned 52% (there is a outstanding 12% owned by someone that no one has heard from in over 15 years)
My husband worked for the family business (he started it with his father, who died 3 years ago, 30 years ago) until April of this year, when the one brother(executor) who was actting CEO fired him(?, legally the one brother couldn't fire the other when they equally own the same %) the business is being ran into the ground fast.
Attorneys are moving very slow in the meantime. The two older sons are fighting the will. They made the comment after the funeral that they would tie it up until the other three brothers split it up equally.
The Estate attorney (who the daughter in law who is executer works for) hasn't kept us up to date about anything. The Inventory (was only filed in June)was set very low & not everything was listed.
My husband has an attorney, whom we've asked to get the financial records of both the estate & business, but hasn't to date. In the mean time, we are loosing everything as our income from the business is gone and the business is loosing clients everyday (which effects the estate value!)
How long can an estate drag out?
Does the court allow for one heir (part owner of the business) to loose everything while the estate drags out.
What can we do to get our attorney to move faster before we have to declare bankruptcy?
We are getting the run around every which way & everyone else is in "control". We have spent our lives in this business & now risk loosing everything.
There has been mismanagement on the one executor with both the business in personal misuse of company credit card & the estate.
The other brother had borrowed $20,000.00 from his mother,a few months before her death. The cancelled check was marked a personal LOAN, yet he has not made payments to the estate nor is it listed in the inventory.
My husband is not receiving ANYTHING for the use of his 12% of the business building, property or equipment,(much less profit) all the while the business is staying afloat.
I beg you,Please answer this.
[This message has been edited by Dona54 (edited July 27, 2000).]
My Mother in law died Jan 2000. She had 5 sons. The two older were only left 1/5 of her half of a farm (the other half belonged to her brother)because of large debts the two sons owed her & never paid back. Everything else was left equally to the other three sons. One of which was named as a executor, one was my husband & the last son whose wife was also named as executor.
There was a family business that my husband as well (as the other two sons) owned 12% and the mother in law owned 52% (there is a outstanding 12% owned by someone that no one has heard from in over 15 years)
My husband worked for the family business (he started it with his father, who died 3 years ago, 30 years ago) until April of this year, when the one brother(executor) who was actting CEO fired him(?, legally the one brother couldn't fire the other when they equally own the same %) the business is being ran into the ground fast.
Attorneys are moving very slow in the meantime. The two older sons are fighting the will. They made the comment after the funeral that they would tie it up until the other three brothers split it up equally.
The Estate attorney (who the daughter in law who is executer works for) hasn't kept us up to date about anything. The Inventory (was only filed in June)was set very low & not everything was listed.
My husband has an attorney, whom we've asked to get the financial records of both the estate & business, but hasn't to date. In the mean time, we are loosing everything as our income from the business is gone and the business is loosing clients everyday (which effects the estate value!)
How long can an estate drag out?
Does the court allow for one heir (part owner of the business) to loose everything while the estate drags out.
What can we do to get our attorney to move faster before we have to declare bankruptcy?
We are getting the run around every which way & everyone else is in "control". We have spent our lives in this business & now risk loosing everything.
There has been mismanagement on the one executor with both the business in personal misuse of company credit card & the estate.
The other brother had borrowed $20,000.00 from his mother,a few months before her death. The cancelled check was marked a personal LOAN, yet he has not made payments to the estate nor is it listed in the inventory.
My husband is not receiving ANYTHING for the use of his 12% of the business building, property or equipment,(much less profit) all the while the business is staying afloat.
I beg you,Please answer this.
[This message has been edited by Dona54 (edited July 27, 2000).]