Q: We are in the middle of disputes regarding business partnership of 8% and we have been receiving K-1 form every year.
We have not receive anything for this partnership or share of any income from my parents ranch. We received a letter from their lawyer referencing the Redemption of the Ranch units and relinquishing the share of my birth right for a very minimal amount and if we don't respond by May 8, 2020, then this means we agreed to their terms and this deal is sealed. We need a lawyer in Idaho that specializes in this type of case. Thank you.
A: I agree that you should have a licensed, experienced lawyer look at this “Redemption Agreement” before doing anything. A so-called “birth right” is typically handed down from a Testator in a will and a third party isn’t likely to be able to force you to relinquish your shares. This sounds like a Trust and the Trustee or another family member, is attempting to strong-arm other family members into giving up or selling for an undervalued amount, their shares in this family ranch. I would like to review the trust as well as all correspondence between yourselves and the parents’ lawyer!
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