My question involves estate proceedings in the state of: Illinois
So, I've got a 1/8 interest in this farm. I received this interest because my Mom rescinded her interest in the estate, in effect giving my brother and I her interest. It's worth around 3,200,000 or my 1/8 would be around $400,000. It was an AB trust and both the A and B have passed. Anyway, the 2 executors who each own a 1/4 refuse to distribute the asset or sell it. They say they're leaving it in the trust and there's nothing I can do about it. Illinois farm land is at an all time high and I'd like to sell. They will not buy me out. My uncle, one of the executors, has said heíd like to buy it when the price of farm land falls. The executor's son is living in the house and only paying enough rent to cover the taxes on the house. The rent is way under fair market value. He was living there for free until I bitched about it. My uncle is also renting part of the farm to himself for less than fair market value. What do I do to get out of this deal?
I really just want out. The executors are horrible business people and that drives me nuts. They are my aunt and uncle and they think they can treat me like Iím 12. Iím 45 BTW. They filed a 1041 for 2011. Iíve requested a full accounting and their saying they donít have to give me one because grandma hasnít been dead for a year. I saying they do because they went with a 12/31 year end. The will says they have to give me an accounting at least annually. Their communication is awful. They told me in March that I wouldnít get a K1 till 2013 and then gave me a 2011 K-1 a month later around 4/10/2012. What are my options?