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Tried posting before, not sure what I did wrong.
I have a few questions regarding partnerships and estates in Colorado.
Basic background --- My grandfather passed away several years ago and
had, as near as I can tell, a trust set up for his property. In that
trust, the land was left to a partnership, an LLC, which then owned
the land. The members of the LLC were his 2 sons and daughter who are
still alive and myself. My understanding is because of the way the
trust was set up, since my father had passed away prior to grandpa I
became the next heir in line for my father's share. I found this out
on the day of my grandfather's funeral. At that point in time, it was
decided that we would hang on to the property and that my uncle, also
the general partner in the LLC, would try to run a cattle business on
the property and that all of the hiers would receive part of the
profits. We signed some paperwork that was filed with the IRS putting
the property into agricultural use, that kept us from paying
inhierentence taxes. The first year or so I received some payments
from my uncle that I assumed were my share of the profits as had been
discussed. Over time these quit coming. Conversations with my uncle
were like pulling teeth, things haven't worked out quite the way we
planned, we are waiting to sell, we have other projects in the works
for use of the land, etc... I have yet to get copies of any
documentation from him regarding the trust, will or anything. About a
year ago, I found out from another source that a bank was foreclosing
on the property, but that it was in my cousins name. He has kept the
property out of foreclosure to this point.
My questions are what can or can't a general partner do in acting for
a corporation? Could my uncle have done something legally with the
property without any of the rest of us knowing about it? What kind of
recourse do the rest of us have? What rights do we have in getting
copies of the trust, property documents and any other information from
him? Everything that has happened has caught me completely by surprise
and it seems that it has also surprised my other uncle. Not sure if
my aunt even knows what is going on.
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GScott,
You believe that you have inherited part of a trust but you are not being
advised or consulted about trust business. First you should determine
whether you actually are a member of this trust and whether you did in fact
inherit anything from your grandfather. A copy of your grandfather's will
will be on file in the county courthouse where his estate went through
probate. Get a copy. Read or have a lawyer read this. Hopefully this will
mention the trust in enough detail that you'll know whether you are a
partner and where trust documents may be found. Are you sure that your
father left his share if any of this trust to you? Get a copy of your dad's
will and read it.
Once you are sure that you are a partner and understand how the trust and
partnership are set up you'll be in a better position to know about your
rights.
Good luck,
Dave M.
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GScott wrote:
Tried posting before, not sure what I did wrong.
I have a few questions regarding partnerships and estates in Colorado.
I think you're confused. An LLC doesn't have "general partners", or
"partners" of any type. Because of that confusions, I suggest you
see a lawyer.
--
This account is subject to a persistent MS Blaster and SWEN attack.
I think I've got the problem resolved, but, if you E-mail me
and it bounces, a second try might work.
However, please reply in newsgroup.
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