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

[Larry D. Goss]

AMEN!  Farmer took the words right out of my mouth.  Even with competent
legal advice things can go wrong because of unforeseen things such as
the untimely death of one of the parties to the agreement.  And don't
just pick a family friend or play darts with the yellow pages.  Go down
to the courthouse and talk to the county clerk.  Find out who the
attorneys are who really specialize in real estate.  The courthouse
workers know who these people are and which ones do a decent job.

Larry 

-----Original Message-----
From: at-bounces at lists.antique-tractor.com
[mailto:at-bounces at lists.antique-tractor.com] On Behalf Of Indiana
Robinson
Sent: Friday, August 18, 2006 9:13 AM
To: Antique tractor email discussion group
Subject: Re: [AT] OT Irrovicable Trusts and Land and Family...

On 18 Aug 2006 at 11:04, william.neff.powell at comcast.n wrote:

> 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



	Lawyer...

	I am the biggest do-it-yourselfer around but in this case
 the answer is "lawyer"...
	
Note: I used to be a licensed real estate broker...  talk to a lawyer...


--
"farmer"

"The greatest mistake you can make in life is to be 
continually fearing you will make one."
Elbert Hubbard (1856 - 1915)


Refurbished Shopsmith's
Good used SPT's
http://www.indiana-robinson.0catch.com/


Francis Robinson
Central Indiana, USA
robinson at svs.net


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