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Updated over 6 years ago,

User Stats

8
Posts
1
Votes
Kurt Isaac
  • Real Estate Investor
  • Massapequa, NY
1
Votes |
8
Posts

Partner cleared out capital account prior to a partners death

Kurt Isaac
  • Real Estate Investor
  • Massapequa, NY
Posted
Someone is the beneficiary through inheritance of half of a deceased partner's 50% stake in an Llc. The other half went to a sibling who originally was a fifty percent partner and is also the executor of the will. In the year Prior to the passing of the partner whose will is being executed, the deceased partner's capital account, as stated in the schedule K had a large some of money which was not distributed to the partner during their lifetime prior to death. At the execution of the will the deceased capital account has only few thousand left. In the prior tax year there was several hundred thousand in the account as reported on the Sched K. The executor is only willing to disperse 25% of the property held by the LLC but has no answer when asked about the deceased capital account. What recourse does the heir have in recovering the money that was supposed to be in the capital account. The partnership agreement stipulates that the beneficiary has a right to 50% of the real estate as well as the capital account that belonged to the original 50% partner upon the passing of that prior partner. Again what is the best way to recover those funds? Thanks for any suggestions. Victim of Fraud.

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