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Abuse of a trust trustee

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walk4718

Guest
What is the name of your state? texas. i (an adult) was a beneficiary of an irrevocable trust, by my parents. my brother was designated trustee. the trust was established in 1982 and voluntarily removed myself from the trust in 1996. i did this because i found that he had not been paying taxes on the oil royalties generated by the main corpus of the trust nor distributing income properly, including not properly sending the tax forms i needed for my federal income tax. i have now been sued by a county taxing authority (in rem) for taxes that were not paid by the trustee. what recourse do i have? is it to late to sue him for some type of malfeasence?
 


Dandy Don

Senior Member
If possible you need to be talking to a local trust attorney about this situation and find out whether or not a statute of limitations might apply, but I doubt that it would, since with many tax crimes charges can be brought at almost any time no matter how much time has passed.

Technically they should be going after HIM--did they also name him as partially responsible as a co-trustee or not? Ask him whether or not he was required to post a trustee's bond. Yes, you could file a small claims suit against him to recover whatever monies you are going to have to pay, including penalties, but have you considered discussing this matter with him to see if perhaps he would give you the money to pay this debt off? What he has done is a breach of trustee/executor duty, but since it appears the trust has been dissolved or all of the assets distributed, it would do no good to charge him with that. Perhaps the trust attorney can advise you of your options.

DANDY DON IN OKLAHOMA ([email protected])
 

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