In an estate do involving a limited partnership, does an heir inherit a percentage of the partnership/assets?
Question Details:My father was a general partner in a limited partnership of 3 people created in 1975. His capital contribution was $20,000. 2 of the people in the partnership have died. The partnership agreement says the other partner had 90 days to purchase my fathers share from my mother he did not do this. The original agreement was never changed making my mother a general partner. she has died. The partnership holds assets of over 1.5 million in land. I do no want to be in a partnership. Can I force the sale of the land and get a share of the sale equal to my fathers ownership in the partnership?
I am not admitted in California. I am sorry for your loss.
It appears from what you have written as your understanding of the agreement, the assets of the partnership - or a portion thereof according to the terms of the agreement - are an asset of the estate of your Mother. The partnership agreement needs to be read by an attorney in conjunction with the Will or intestacy laws in your state. What does the agreement say as to what happens generally when the partners pass away? usually agreement provide for liquidation or something.
Also, you need an attorney to negotiate what will happen with the partnership assets. You can indeed sometimes force the sale of land in a round about way by requesting that the Court "partition" the land - divide it amongst the owners. There are grounds that must be met for such an action.
You should also find out what the tax ramifications are in all this. The small investment has yielded a great return. Estate taxes will have to be paid. Good luck.
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