[AT] OT Irrovicable Trusts and Land and Family...

[Bill Brueck]

While I know many folks are attorney-averse, I wouldn't touch a project like
this without qualified counsel.  Find one who specializes in trust and
estate planning and find out their fees ahead of time; this should be a
simple transaction and the experts have all the boilerplate ready to go for
you.  Maybe ask your banker for a referral if you don't have somebody in
mind already.

Also, there are libraries online that contain the kind of boilerplate you
seek, if you are set upon doing your own you can probably find what you
need.  Beware of state-specific laws.  I work in Minnesota and Iowa and have
learned not to assume that even these 2 midwest rural cultures do things the
same way.  So if you're in Iowa of Minnesota I can make a referral.

No, I'm not an attorney.  But I have a few I like to work with, others I've
learned I'd rather not work with.  The ones I don't like are probably more
uninspired and uncreative and flat lazy than outright dishonest.  My main
guy will often talk me out of doing projects, rather than running up a bill
for something that won't work out, anyway.

B²
 
Bill Brueck (brick)
Chatfield, MN, USA
 
Confusion is a higher state of knowledge than ignorance.


-----Original Message-----
From: at-bounces at lists.antique-tractor.com
[mailto:at-bounces at lists.antique-tractor.com] On Behalf Of
william.neff.powell at comcast.net
Sent: Friday, August 18, 2006 6:05 AM
To: Antique tractor email discussion group
Subject: [AT] OT Irrovicable Trusts and Land and Family...

Hello,

Some what tractor related in that I use some tractors on some family land
that we are trying to sort out..... We have an 8n, WD, and D2 that we with
on the property.

My Father and Aunt owns the land that was inherited from my grandfather. My
Aunt has ended up in financial distress and wants out of the land. It is 100
acres with a cabin and a fair value is $1000.00 per acre. The land is owned
under "Right of Survivorship" (Thats another story...)

My father wants his four children to buy into the Aunts half. We talked
about some ways to set it up and we are leaning toward a Trust. When my
father passes his half will be equaly distributed into the trust.

Has anyone done anything like this? I want to make sure this is done right
before I sign off on the deal. I am trying to write up bylaws to spell out
usage and every eventuallity that may occur. I want to avoid any arguments
after our agreement. There are some strong opinions amoung the 4 children
but in theory we all want the same outcome. 

Does anyone have bylaws that work for multi trust membership? 

Any information will be helpfull..

Regards,

Will Powell


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