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

[william.neff.powell at comcast.net]

Ok, 

Well, I failed to mention that we have retained a lawyer and met with him. We discussed all possibilities, corporations, trusts, etc... 

The transfer of the land, deeds, and the Trust will be created by the lawyer. The specific bylaws were put on us to create. Every piece of property has its own quirks....   I have found a few samples on line but none specifically geared toward family land. 

I have a rough draft and have found that when you put the bylaws down on paper it makes you think about all possible scenarios.... Tax payments, usage, maintenance, rule enforcement, etc... I am not buying in until I feel comfortable with the rules...

I can see where this type of arrangement can get sticky.... My brother is already looking questionable on this... And thats OK. Personally I want all members on the same page. Better now than after the agreement.... I appreciate the comments and keep them coming...

Regards,

Will
 -------------- Original message ----------------------
From: "Larry D. Goss" <rlgoss at evansville.net>
> 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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