The death of the stockholder of the corporations has no impact on the corporations themselves. The estate is responsible for the distribution of the shares of the corporations to the heirs.
Pulling Loan Payments from DDA
We have a customer who passed away. The customer was the sole owner of two corporations. The first corporation is a real estate holding company. There is a loan and DDA to this entity. The loan payment is auto-debited from the DDA. There is a second DDA to the other entity, also a corporation, which is to the operating company. Can we continue to pull the payments from the DDA to keep the loan current until the estate is settled and the loan paid off?
First published on 09/08/2019