Hello,
I am a member of an LLC that was formed from a family trust. Although I am 50% owner/member, the other owner, who also happens to be my mother with Alzheimer’s, has been selling off properties with her administrative assistant without my full knowledge and consent. I am aware that the administrative assistant also notarizes these documents and then receives a bonus check from the sell. I need guidance please. Thank you.
Welcome to the forum. Find your trust documents and see who is the trustee. You may be an owner, but not the trustee. If your mother is the trustee, then you need to investigate if the trust is giving you a percentage of the bonus check from the sale. And if you need to get your mother replaced as the trustee. You may need an attorney.
Hello and welcome to the forum! @M_Barnes gives great guidance. It is a delicate situation, so you may want to consult with an attorney sooner than later. Depending on where you are, the state bar of each state usually has listings of attorneys by specialty, there are some in Texas that specialize in both oil and gas and trust estates. Good luck.
Are the properties titled in the name of the LLC or the name of the trust? If the properties are owned by the LLC then there should be legal documentation designating the managers and who has authority to sign. Maybe suggest that you should be designated as managing member and she sign that she is no longer a manager. If your mother has been diagnosed with Alzheimer’s then you should consider have an assessment made as to her ability to manage her own assets. This is a huge problem For many families where parents are not really competent to manage assets but not bad enough to be ruled legally incompetent. Bad actors will not hesitate to loot their estates.