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needhelp43

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  1. pg1067, Thank you for the response. You actually have given me a couple points that "help" me start to straighten this out. I will try again. // Father died in MN. He left a will, with Estate value $4 million. Brother was named executor, & he hires estate lawyer representing Estate. Taxes are owed. The value of the Estate is the father's private company holding commercial property. Brother sets up loan with IRS for Estate, so Estate remains. In payments, taxes get paid in full out of Estate. Father's will states "remainder" to be given 30% to daughter & 70% to son. The "remainder" of estate is the private company that is commercial rental property. The brother changed it to a S-corp, his reasons unknown. Now there are shares to distribute, instead of selling the property and dividing the money is just my guess. I hire a wellknown Estate lawyer in WA. He says he will be able to handle everything, including selling my shares of the S-corp to the brother...Now In MN , the lawyer hired to represent the Estate, ALSO is representing the brother in a tentative sales agreement with me. My lawyer hires 2 lawyers in MN without my permission, they tell me they are friends of the Estate's/ brother's laywer. My "3" lawyers told me I have no rights about any of the Estate. The Estate's lawyer told my brother he should not sell (or buy) or the IRS will look at the valuing of the property( as it relates to the taxes owed.) When I ask if this is all proper,my lawyer dumped me. He told me I was more sophisticated than he thought.... The brother /executor, in the first year income tax was due on the income of the company.....told me I had to pay 30% of the tax. I had received no income from the company. I HAD TO LOOK ONLINE and correct our CPA that as it was still under the umbrella of the Estate---i only would owe income tax on any distribution actually made to me. ( the brother was thankful for that, as he would owe also) My concern is if he finally closes the estate, i may owe 30% of the taxes, while receiving no income. Are any of these improprieties something I can use in court? Can the executor really be sued to change it back to private company? Can he be made to sell the property to distribute as was stated in the will? Otherwise, If there is nothing I can do, why waste money i can't afford on more lawyers? I am sorry for spelling, syntax, etc. i am struggling with this program. thanks. i
  2. FALLEN: THIS IS AN ONLINE MESSAGE BOARD. PEOPLE GO HERE FOR A VARIETY OF REASONS. YOU CAN HELP OR NOT HELP. IT IS THE INTERNET, AND PEOPLE CAN TYPE HOW THEY WANT. YOUR POSTS SEEM RUDE , CONDESCENDING, AND NOT HELPFUL. JUST LIKE A REAL LAWYER. I WAS HAPPY TO RECEIVE 2 LINKS FROM SOMEONE ELSE.
  3. my father died in jul 2000 in hennepin co, mn. my brother was left 70%, and me 30% of a property holding private business. he changed it to an s-corp, and has controlled it as executor for 10 years still as an estate. all fed & state taxes death taxes have long since been paid. now he says" it will change, he is beginning a process" in regards to distribution of the shares of the company. he won't tell me. we do not communicate other than email. (my father left out another brother completely and there are bad feelings all around) what is the time limit for keeping this in an estate? what process is he mentioning? if he distributes "my shares" will i be liable for income tax for profits on the business even if he does not pay me any income? i am told i have no rights whatsoever being a minority shareholder. my father wanted the business sold and split, but did not put it in the will. i asked to be bought out, but the brother has no need to do this we are told. he has made himself sole officer, paying a big wage, retirement, insurance, etc to himself. plus an occasional distribution of cash to us both 70/30. i presume that is from securities and stocks the company owns. i seem to have no control, i am worried my husband and i will lose what we have to pay for what my father left me, which i never will receive. we spent 10,000 for an attorney who then dropped us and said to hire someone in mn. so i need help please. thank you!
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