Legal Question in Wills and Trusts in Colorado
A Bad Business Concerning My Mother's Estate
My mother (85)& brother (50) went into business in Co. using my mother's home as the main asset. A LLC was formed with $12,000 of his money and $325,000 from the sale of her Ca. home. My brother got a prom. note attached to the LLC allowing 10 years to buy out her share upon her death. There are two other heirs to her estate--myself and my stepbrother, and we were never consulted in this deal. Neither my mother or brother has been open about what was done; all we know is what we learned from the LLC papers plus the will and power of attorney. We are very angry because my mother was supposed to put her assets in a trust to avoid probate. Now we (I am executor) are faced with a mess unless we can get him to rescind the business, or we are able to sell the note (I don't know if this is on a deed of trust or mortgage.) My mother has become forgetful and has refused to listen to us; this is a serious problem as my bother has complete power of attorney as well as control of everything she owns. He also believes that we will not have to go through Probate with this business arrangement of his, but a lawyer here has said that we will. Anything you know of in Colorado Law to prevent this or any other suggestions?
2 Answers from Attorneys
Mother's assets and money
Louise Aron
Attorney at Law
Lakewood Office:
1536 South Ingalls
Lakewood, Colorado 80232 USA
(303) 922 7687
fax (303) 922-1370
Cherry Creek Office:
300 South Jackson #100
Denver, Colorado 80209 USA
(303) 780-7339
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web site http://effectnet.com/la/
email [email protected]
LawGuru User
Dear LawGuru User:
The promissory note that you refer to sounds odd, and possibly void. I would need to examine it to be sure. LLC documents sometimes provide a procedure for termination of the company and return of assets, so the LLC operating agreement and other documents need to be carefully examined to determine whether or not there is a way for your mother to get back her money and/or assets, assuming she is interested in doing so.
If your mother is making decisions which are not in her best interests, you may need to go to court to have a conservator appointed to act in her behalf regarding her finances and assets.
There also is a possibility that fraud or some other crime has been committed, in which case the District Attorney, Elderly Abuse Hotline and other appropriate agencies in your county should be contacted.
It is best to act before your mother passes away. Please contact the appropriate agencies, and an attorney, immediately.
Thank you for using LawGuru.
Sincerely,
Louise Aron
Attorney at Law
website http://effectnet.com/la/
Re: A Bad Business Concerning My Mother's Estate
This sounds like a serious situation and it will be resolved in the Probate Court, which is actually a good thing. It is good since the Court will seek to protect your Mother's rights if she seeks such protection.
Your Mother should have an attorney and you should have a separate attorney. It sounds like your brother already has an attorney.
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