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

[jfgrant]

Bill, having been involved with a trust that cashed out close to 1 mil. I 
can tell you to contact several lawyers who claim to be "trust lawyers" as 
their specialty. Interview them and go with whom feel best with. There are 
too many issues in your case to leave it to (by-laws?).  Do it soon. As you 
may know, a trust can be changed by the principal at any time until a death 
of a principal if there is more than one.  Our legal expenses to liquidate 
the trust was just over $200. Well worth the time and expense to set it up. 
Good Luck.  John Grant
----- Original Message ----- 
From: <william.neff.powell at comcast.net>
To: "Antique tractor email discussion group" <at at lists.antique-tractor.com>
Sent: Friday, August 18, 2006 7:04 AM
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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