Father has 60% of property while his uncles own the other 40%....Los Angeles, CA

[Castillb]

Hi Everyone,

My father owns 3/5ths of a two-lot property located in East Los Angeles, CA. He's lived on the property and has paid all the property taxes, insurance, repair/maintenance costs, etc.. for the past 30 years. During that time, he's also collected all rents. Neither of the other two remaing owners asked for anything in those 30 years. Until now, one of the owners is asking to be bought out for $X amount of dollars and has hired an attorney to represent him at a hearing scheduled for next month. Well, just last week, a probate/trust specialist showed up to my parents house and said he was referred by the other party's attorney to assist my father in preparation for the hearing. This specialist is offering to help my father secure an accountant, attorney, as well as assist him with drafting a living trust. When asked how much his services cost he said "All I ask in return is that should you ever decide to sell the property either now or in the future you give me the fist opportunity". So far I've not heard him say anything that could backfire on my father. He's also informed my father on how he can secure lending from his (my father's) bank to able to the party that is requesting to be bought out. This probate/trust specilaist is a member of the LA County Paralegal Assoc., OC Paralegal Assoc., Estate Planing & Trust Council of Long Beach, and Professional Fiduciary Assoc. of CA. Should we be skeptical of this guy? Especially since he was referred by the opposite party's attorney. He said he's a neutral party but can we really believe that? I just find it very hard to belive that he's willing to use all of his resources to help my father out for free. Actually, I think he mentioned that father would have to pay for the attorney that would draft his living trust. My parents are not all that business savvy so I'm worried about the potential for them to be taken adavantage of. What do you think would be the best way to proceed? Especially when considering that the hearing is next month.

Thank you all in advance for your help!

 

[justalayman]

So your father didn’t distribute the 2/5’s net income derived from rent to the other owners? Why not?

Where did the idea for a trust even come from?


Personally I think your father should go find his own attorney and listen to him

 

[HRZ]

IT does not smell right! Not a good smell at all.

ANd it makes no sense that parent is required to buy out uncle ...certainly not if the price is inflated .

IT is true and logical that a co owner can force a partition ..which most often means a court ordered sale of the whole ...and such sales often bring bottom feeders to the table .

IT may make a lot of sense to buy out the uncle ...but the price is up to negioation skills of the parties.

The owner of 2/5 has some rights to expect a return on his share too! ANd I suspect the uncle has a legal right to sell his 2/5 interest to any willing buyer ...

 

[LdiJ]

Hi Everyone,

My father owns 3/5ths of a two-lot property located in East Los Angeles, CA. He's lived on the property and has paid all the property taxes, insurance, repair/maintenance costs, etc.. for the past 30 years. During that time, he's also collected all rents. Neither of the other two remaing owners asked for anything in those 30 years. Until now, one of the owners is asking to be bought out for $X amount of dollars and has hired an attorney to represent him at a hearing scheduled for next month. Well, just last week, a probate/trust specialist showed up to my parents house and said he was referred by the other party's attorney to assist my father in preparation for the hearing. This specialist is offering to help my father secure an accountant, attorney, as well as assist him with drafting a living trust. When asked how much his services cost he said "All I ask in return is that should you ever decide to sell the property either now or in the future you give me the fist opportunity". So far I've not heard him say anything that could backfire on my father. He's also informed my father on how he can secure lending from his (my father's) bank to able to the party that is requesting to be bought out. This probate/trust specilaist is a member of the LA County Paralegal Assoc., OC Paralegal Assoc., Estate Planing & Trust Council of Long Beach, and Professional Fiduciary Assoc. of CA. Should we be skeptical of this guy? Especially since he was referred by the opposite party's attorney. He said he's a neutral party but can we really believe that? I just find it very hard to belive that he's willing to use all of his resources to help my father out for free. Actually, I think he mentioned that father would have to pay for the attorney that would draft his living trust. My parents are not all that business savvy so I'm worried about the potential for them to be taken adavantage of. What do you think would be the best way to proceed? Especially when considering that the hearing is next month.

Thank you all in advance for your help!

Your parents need an attorney of their own. They should certainly NOT rely on this potential scammer.

 

[FarmerJ]

I agree with the others have your parents get their own legal help. You know the old saying about something being too good to be true? this guy went to them with the idea he would make money off this deal and id have to wonder if he would try to pull a stunt that would result in them being cheated. RUN Run RUn and run to a attorney of their own choice!!!