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Law Educator, Esq.
Law Educator, Esq., Lawyer
Category: Family Law
Satisfied Customers: 111660
Experience:  Experienced attorney: Family law, Estate Law, SS Law etc.
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Do you have an attorney that specializes in helping break a

Customer Question

Do you have an attorney that specializes in helping break a Family Partnerships that was set up by the parents?
Submitted: 1 year ago.
Category: Family Law
Expert:  Law Educator, Esq. replied 1 year ago.

Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.

Please understand that no expert on this site may actually represent anyone from this site, it is forbidden by state law. We are allowed to provide information only to customers.

If that is sufficient for you, please tell us what the FP states about dissolution of the partnership?

Customer: replied 1 year ago.
It says something to the effect that the President of the Family Partnership will be in charge. The Brother, made himself the controlling partner by having his Mother assign him her share before she passed away. The Brother is controlling all aspects of the ranch and all of the finances. At no time has the ranch made any profit that was forwarded to the partners (the 4 siblings). This partnership was put into effect after the fathers death in 2006. 2 siblings received a Schedule K for 2014 and it caused them to owe the IRS around $10,000, but these siblings never received any profit from the partnership or the ranch. The brother applied for and received over $154,000 from the Natural Resources Conservation Service through the USDA. This money was supposedly used for building new fences and drought payments. So, the question is should a partner have to pay taxes on monies received from the government?
Expert:  Law Educator, Esq. replied 1 year ago.

Thank you for your reply.

Taxes are due on all income to the FP. A grant is considered income. Thus, the partners are liable for taxes on that as income. If the partners are not getting income from the trust, then it sounds like your president is possibly breaching his fiduciary duty to the partnership and could be removed by the court for breach of that duty. It would mean you would have to get an attorney to sue for his removal based on his mismanagement and breach of duty to the trust and that would be the only way you could get control back and then seek to sell off the property to wind down the partnership.

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