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

Fri Aug 18 23:25:59 PDT 2006

Will,

Most likely you and your' siblings have already thought of an option like
this but, just in case you haven't, I thought I would throw it out for what
it's worth -

Could your' dad and aunt agree on a split in the property?  For example, say
your' dad take the north fifty and your' aunt the south fifty or say your'
dad take the east fifty and your' aunt the west fifty?  Of course the local
zoning may prohibit this (i.e., maybe the hundred acres can't be subdivided
any further) and it assumes that the land is somewhat homogenous in value.

If the above is true then instead of you and your' siblings going in
together and buying the fifty acres from your' aunt in joint tenancy/tenancy
in common/limited partnership/etc could each of you buy your' OWN piece of
your' aunts fifty?  For example,  maybe you would buy 15 acres, your'
sibling#1 would buy 10 acres and so forth.  As long as your' aunt got
$50,000 it seems she would be satisfied.  Again this assumes that the zoning
would allow these "small" plots to be created and that each plot would have
road access.

I thought of this option as my older SIL just went through a similar
scenario.  Last year she and her four siblings inherited their 400-acre
family farm from their late father's estate (their mother had passed away
about fifteen years earlier).  They agreed to sell the best of the farm land
(about 350 acres) but they wanted to keep roughly fifty acres which
contained the lake, woods and pasture which had several knolls which would
make excellent building sites.  They first talked of keeping the fifty
together in joint ownership but the more they thought about what they want
to do with the land (e.g., one brother and wife wanted to build a home for
their retirement, a sister wanted to build a cabin for weekend getaways)
they decided they wanted to divide it up into plots and have individual
ownership.  Although it has only been a little over a year since they made
this decision my SIL told me this past June when we were visiting that she
was so glad (and that all her siblings were too) that they had decided to do
it the way they did.

Of course none of this may be applicable or desirable in your' situation.
But whatever you decide just remember you all have to sit down together at
the Thanksgiving table!

Dudley
Snohomish, Washington

-----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 9:05 AM
To: Antique tractor email discussion group
Subject: RE: [AT] OT Irrevocable Trusts and Land and Family...

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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> Remembering Our Friend Cecil Monson 11-4-2005
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