Compulsory Accounting.

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Latest post 10-25-2006 3:32 PM by Itsmeandyou. 10 replies.
  • 10-23-2006 1:00 PM

    Question [=?] Compulsory Accounting.

    Hopefully this will be my last question. I appreciate the patience of the Moderator and other lurkers.

    My mom died in 2004 as a resident of NY. My parents pretty much owned everything together.

    Her will left everything to my dad except a piece of property which was bequested to my sister and I. The Testamentry papers were issued and all assests given to the respective parties. My dad was the Executor.

    My sister now INSISTS on a compulsary accounting. I realize that she can REQUEST it, but is it ALWAYS granted> Or is it court discretion ? She will NOT sign off on an informal accounting.

    It seems like a waste of court time and money. My sister is making demands of things mom owned that were not left to her. EVERYTHING was left to my dad except this one pice of property.

    The Estate Attorney ran for the Hills after the Testamentry papers were issued. Of course, after getting a few thousand dollars for basically doing virtually nothing.

    Thanks
    Frank
  • 10-23-2006 1:14 PM In reply to

    re: Compulsory Accounting.

    I am a NY lawyer. A compulsory accounting is routinely granted. She will get an order to compel an accounting if she is a beneficiary. Money does strange things to people.

    Sharon M. Siegel, Esq.

    Siegel & Siegel, P.C.

    Phone: 212-721-5300

    email: sieglaw@optonline.net

    website: www.siegelandsiegel.com

  • 10-23-2006 1:49 PM In reply to

    Note [#=#] re: Compulsory Accounting.

    Thank you for you QUICK reply Sharon. You are correct about your statement. Money does strange things to people.

    Can the accounting be done by a CPA?? I already have the forms necessary and if that is the case, I might just as well send them off to the CPA. He's been handling my parents affairs for 25 years.

    If anything, this will only infuriate my wonderful sister even more than she is NOW. It won't change anything. It will just let her know that SHE, NOR I got anything else when our mom died. And realisticlly, we shouldn't have even gotten that.

    Oh well.

    Once again, THANK YOU

    Frank
  • 10-23-2006 6:25 PM In reply to

    • Drew
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    re: Compulsory Accounting.

    Depending upon just how the willis written were I dad/executor I'd insist that the added expense be born by all parties.

    And I'd revisit if as executor I could sell the land and merely deliver the net after other expenses to Sis etc.

    Assuming there is no foul play by executor, a compulsory accounting can really add costs and delay but little else to the process?

    Is it Sis's way of punishing Dad?



  • 10-23-2006 7:53 PM In reply to

    Note [#=#] re: Compulsory Accounting.

    My sister is absolutely trying to punish dad.

    She and I both got almost $300 K from my mother's Estate. But for HER, that isn't enough. Bear in mind this NUT is a millionaire.

    It would cost MORE to try and get her to pay for part of the accounting than it is worth. What is the worst that can happen?? The CPA will do the accounting, yet it isn't going to change the terms of thge will. Everything has already passed and there was absolutely NO FRAUD.

    The BEST PART of her insistance of a full accounting is that it will show all the money that she will miss out on because dad has retitled most of his assets and now most everything will pass upon his dead outside of probate.

    He's working on getting the rest straightened out.

    Plus I still think that when a hearing comes up asking for a full accounting, the judge would SEEM to have the discretion to dismiss it. Especially since EVERYTHING went to my dad except the one pice of property. Just an opinion of course. I'm certainly no attorney.

    Thank you
    Frank
  • 10-24-2006 8:52 AM In reply to

    re: Compulsory Accounting.

    You are correct that the judge has the discretion to dimiss it under NYS law. However, practically speaking, it is always granted. Logically, how would a judge know whether or not to dimiss it unless he/she has all the facts as presented in an accounting. Once the accounting is filed, depending on the county usually on a "30 day order", then she can file her objections. It is a long process in most counties or unless it settles right away. It can be prepared by an accountant, but unless he is admitted to practice law also, he cannot file a notice of appearance, needed to file the accounting. A lawyer will also need to do the pertinent facts section written to best articulate your dad's side.

    Sharon M. Siegel, Esq.

    Siegel & Siegel, P.C.

    Phone: 212-721-5300

    email: sieglaw@optonline.net

    website: www.siegelandsiegel.com

  • 10-24-2006 9:46 AM In reply to

    Note [#=#] re: Compulsory Accounting.

    Thank you once again for your input Sharon. I guess what it come down to is that this is another SHAM on the legal system.

    One is prsumed GUILTY, even though the law says otherwise.

    Well, the only good thing is that when one does things to provoke a bad situation, there is always that GOD above that is always watching.

    Everyone gets theirs, it's just a question of EXACTLY when

    Thank you

    Frank
  • 10-24-2006 12:35 PM In reply to

    • Drew
      Consumer
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    • Joined on 03-30-2000
    • PA
    • Posts 48,983

    re: Compulsory Accounting.

    A couple more laymans thoughts.

    1. With this as a wake up call I hope Dad gets his affairs in order and cuts out whomever he may please.

    2. I'm sure Sharon is correct, but as a layman, if the will says deliver X to A/B and A is getting X I fail to see the economic wisdom of an accounting.
    But if the law permits such a request and rarely turns it down--I suuppose one needs to comply --figure the costs/odds to oppose the request?

    But in one place you say a piece of property is to be delivered to you two and in another place you say you each get $300K--do you get property or money?

    3. If the will says deliver X to you and Sis it sure bodes poorly for your ability to use /manage X? By the way just what is X and who is using it now? You may be safer with money than with RE in TIC with Sis?



  • 10-24-2006 2:22 PM In reply to

    Ok [+0+] re: Compulsory Accounting.

    Sorry if I was confusing.

    Per the terms of the will, my dad turned over to each of us half of a piece of property. It is done and each HALF was ultimately sold to a third party.

    After all was done with the property, we each got almost $ 300K.

    My mother had some bank books which were SOLEY in our names. So there was NO probate on that.

    The end result is that we each got "ONLY" 1/2 a pice of property which was converted into $300,000.00

    So an accounting will show the transfer of the property to the kids, and EVERYTHING else to my dad. This is a travesty of the law.

    But, as you said, dad needs to get ALL his affairs in order so that this wonderful sister of mine has GOTTEN everything that she will ever get from my parents while they are alive or after death

    Thank you for your input.

    Everyone's thoughts are always helpful

    Frank
  • 10-25-2006 8:12 AM In reply to

    • Drew
      Consumer
    • Top 10 Contributor
    • Joined on 03-30-2000
    • PA
    • Posts 48,983

    re: Compulsory Accounting.

    Do not rule out that Sis will kiss and make up at a critical later date.

    There are ways to engineer now around a later soft heart if dad is so inclined now.



  • 10-25-2006 3:32 PM In reply to

    re: Compulsory Accounting.

    There might be a KISS. But you know where that will be.
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