beachgrits
New Member
I have an interesting case that I would like opinions on. I "sold" my father a house as part of replacement property for a 1031 exchange. He paid part of the mortgage and I took back a promissory note. The inducement was I was to receive the house back as a gift through estate planning he was doing. This never happened. He never paid on the promissory note. I maintained the burdens on the house...continued to pay expenses handled management of rental, taxes etc while "waiting" to have the house gifted back. My fathers attorney, who also was the intermediary was involved in the transaction. I started sending emails and letters asking when the house would be returned...silence. Finally after 2 years my father and this attorney came up with a new "plan" set up a retroactive partnership in which the "promissory note" would be contributed to the "partnership" ie. forgivin and I would get 50% interest in this partnership. This has become a living tax NIGHTMARE! I had no basis in the partnership...incurred huge tax burden...I am currently suing the attorney for legal malpractice and suing my father for the promissory note. We have just secured evidence from the attorney who was doing the "estate planning" who conformed the gifting promise but said it ws abandoned because of some supreme court decision. This has ruined me financially. No one in my family speaks to me and the case is dragging on.
The lawyer has jeopardy with the bar for failing to account for funds when the house was sold, conflict of interest in representing 2 parties in a transaction with conflicting interests AND because he acted as a qualified intermediary with in the 1031 exchange while acting as an attorney for my father he faces being disqualified as an intermediary in the eyes of the IRS and the exchange is tossed.
Do you think this will settle?
Will the defendant aka lawyer risk jeopary by taking this to trial and possibly facing criminal charges?
anyone with legal malpractice experience I would love your input. The lawyer has $1 million in insurance and my damages probably exceed that amount.....
The lawyer has jeopardy with the bar for failing to account for funds when the house was sold, conflict of interest in representing 2 parties in a transaction with conflicting interests AND because he acted as a qualified intermediary with in the 1031 exchange while acting as an attorney for my father he faces being disqualified as an intermediary in the eyes of the IRS and the exchange is tossed.
Do you think this will settle?
Will the defendant aka lawyer risk jeopary by taking this to trial and possibly facing criminal charges?
anyone with legal malpractice experience I would love your input. The lawyer has $1 million in insurance and my damages probably exceed that amount.....
