Input reque...er....required.
I need each of you to put your $0.02 in here. Yer mother and I are finally getting around to doing some estate planning since we're getting old and decrepit and will eventually just croak. We've talked to a lawyer (insert favorite lawyer joke here) and it looks like what we will do is create a Limited Liability Corporation and a Trust. The LLC will hold our income and recreational properties which will protect us and our house from any liability generated by ownership of those properties. It also allows the LLC to just keep on going forever after me and everyone then Ty dies. (tie died....reminds me of the 60's). The entity that will control the LLC (chairman of the board) will be our trust. The trust will own our house and will define which of you brats gets what when we die. We'll also have a will that leaves everything that isn't defined in the trust, to the trust when we die. Those slimey lawyers sure do make it complicated.....anyway...I digress. As part of this package we'll have a power of attorney set up to take care of our stuff when we are both nuts and no longer able to. We'll also have a medical P of A telling you kids to pull the plug on our stupid breathing machine. So...we've been giving this some thought and I want to roll it past you folks for input before we do it.
Who will be trustee of our trust....that's the person that has the responsibility to do what the trust says to do and to decide what to do if the trust doesn't say anything about it. It's also the person responsible for running the LLC. (Each year a tax return, etc. etc. ) Of course I take care of it all as long as I'm alive and not nuts. Here's what we were thinking: Christa has and will have Jacob to take care of for a long time so she's pro'ly not going to want to spend the time and take responsibility. Cambrie is likely to never live around here close so wouldn't be a good option to give the responsibility to. We don't know who Buff will marry or what she'll be doing/where she'll be living so she's not a good choice right now. Brett is not firmly established in a lifelong career at this point so there's a possibility he could move somewhere or ?? and with his diabetes, he *could* have serious health problems (hopefully not but....). So we *think* the logical proression with trustees after we can't handle it ourselves is: Chad, Brett, Christa, Buff, Cambrie in that order. (If #1 can't, #2 takes over, etc.) What are your thoughts? Keep in mind that when I can't do it, this person will need to spend some time filing the tax forms, making sure the yearly fees are paid, etc. so it's not just a figurehead job.
As for who will be listed as having our power of attorney...and our guy in the expensive suit says it should only be ONE person. Since this is only to sign necessary papers it's a toss up, but maybe Christa since she's almost guaranteed to be around, won't be "at work" when a paper needs to be signed, is in good health, and won't have to worry about the trustee stuff. Thoughts?
As for our medical power of attorney....I thinking of leaving the designated person on the paper blank since no money is involved (cant' leave the regular POA blank or Joe Blow cold sign it and take everything we have). That way anyone of you could put your name in there and make the decision if/when necessary.
Also...the way we will set up the trust is that everything goes to you kids equally....and if one of you happen to die, your kids will get your share. If you AND your kids die, then your share will be split equally among the other money grubbing clan. Any problems with that?
Oh..and one last thing. If there is a special item we have that we've promised you when we die or if you guys can decide among yourselves who gets what, that goes in our trust as well and it won't cost us money to add it later. If Brett really wants my sunday shirt button extenders when I die, let me know and I'll write it up.
So...consider this carefully. If you don't like what I've put here...tell us so and why. Publicly or privately. If you think it's OK, let us know. It's hard when you have 5 wonderful kids and want them all to have everything, but you MUST make some sort of decision on who is in charge. In reality, any of you could do it and would have my complete trust. Legally, we have to split hairs though and say who does what. If you guys get together and decide something different than what I have outlined here, that will pro'ly work for us. None of this is written down yet but will soon be if not changed so....what say ye? Also, if you have questions, ask away and we can discuss it. Oh....and we have to have a name for the company. I'm thinking of the groneman word for unhatched chickens LLC. It has a ring to it, don't you think?
Who will be trustee of our trust....that's the person that has the responsibility to do what the trust says to do and to decide what to do if the trust doesn't say anything about it. It's also the person responsible for running the LLC. (Each year a tax return, etc. etc. ) Of course I take care of it all as long as I'm alive and not nuts. Here's what we were thinking: Christa has and will have Jacob to take care of for a long time so she's pro'ly not going to want to spend the time and take responsibility. Cambrie is likely to never live around here close so wouldn't be a good option to give the responsibility to. We don't know who Buff will marry or what she'll be doing/where she'll be living so she's not a good choice right now. Brett is not firmly established in a lifelong career at this point so there's a possibility he could move somewhere or ?? and with his diabetes, he *could* have serious health problems (hopefully not but....). So we *think* the logical proression with trustees after we can't handle it ourselves is: Chad, Brett, Christa, Buff, Cambrie in that order. (If #1 can't, #2 takes over, etc.) What are your thoughts? Keep in mind that when I can't do it, this person will need to spend some time filing the tax forms, making sure the yearly fees are paid, etc. so it's not just a figurehead job.
As for who will be listed as having our power of attorney...and our guy in the expensive suit says it should only be ONE person. Since this is only to sign necessary papers it's a toss up, but maybe Christa since she's almost guaranteed to be around, won't be "at work" when a paper needs to be signed, is in good health, and won't have to worry about the trustee stuff. Thoughts?
As for our medical power of attorney....I thinking of leaving the designated person on the paper blank since no money is involved (cant' leave the regular POA blank or Joe Blow cold sign it and take everything we have). That way anyone of you could put your name in there and make the decision if/when necessary.
Also...the way we will set up the trust is that everything goes to you kids equally....and if one of you happen to die, your kids will get your share. If you AND your kids die, then your share will be split equally among the other money grubbing clan. Any problems with that?
Oh..and one last thing. If there is a special item we have that we've promised you when we die or if you guys can decide among yourselves who gets what, that goes in our trust as well and it won't cost us money to add it later. If Brett really wants my sunday shirt button extenders when I die, let me know and I'll write it up.
So...consider this carefully. If you don't like what I've put here...tell us so and why. Publicly or privately. If you think it's OK, let us know. It's hard when you have 5 wonderful kids and want them all to have everything, but you MUST make some sort of decision on who is in charge. In reality, any of you could do it and would have my complete trust. Legally, we have to split hairs though and say who does what. If you guys get together and decide something different than what I have outlined here, that will pro'ly work for us. None of this is written down yet but will soon be if not changed so....what say ye? Also, if you have questions, ask away and we can discuss it. Oh....and we have to have a name for the company. I'm thinking of the groneman word for unhatched chickens LLC. It has a ring to it, don't you think?
Comments
Heavy subject and I'm not good with the legalese stuff. Not that anyone is, though (if you are, feel free to speak up). I'm fine with being the LLC trustee, to file taxes etc. when y'all are too old to do it. It sounds like a much easier job than the medical POA.
As for the "stuff" - I've (seen / heard of / read about) good sibling relationships become malicious over their parents' stuff. As long as I'm not just left with a musty old mattress that needs to be taken to the dump, I'll be fine with whatever comes or doesn't come. Although I really do like the Mountain Property, and want to be able to visit it. But even that's not worth it if it's going to cause any bitterness with anyone.
Oh, and if nobody else cares about your coin collection, I'm interested.
My worries are with the medical POA. I know that there are some ugly situations in medical "stuff" where the person's wishes aren't clearly defined in advanced directives for a certain scenario, so it's left to the children to make the decision. For example, if something bad were to happen and you had chronically horrible quality of life for years, and then, say, you became septic but couldn't speak for yourself, one kid might think it's more humane to treat the sepsis (restoring you to years more of chronically miserable life), and another kid might think it's more humane to just let it take you. We can't predict all of the possible scenarios that could happen and discuss your wishes for each one. I think you both need to clearly write out (and legalify) your advanced directives, living will, and such, and try to communicate exactly what those wishes are to each of us, and then just assign a medical POA based on whatever criteria you think makes the most sense to you. I'm doubting that any of us are really really wanting that job, but I think any of us would be willing to do it. I just don't know how safe it is to "leave that line blank" on your paperwork, because if there are disagreements in our interpretations of how we think your advanced directives ought to be applied in whatever situation, how do you know which option is best? Then again, maybe that IS your reasoning for leaving it blank...Maybe that's why you have an odd number of kids -- so that if there is a disagreement, it can be put to a vote for everyone's interpretation of what you'd want. As bad as it sounds to use the "majority wins" rule in a situation like this, maybe that is the best option?? Of course, I'd be interested in any/all of your thoughts on the subject.
Seriously, your plan sounds good to me. I'll do whatever.
As for your stuff, I agree with Chad-- I don't want any bitterness. I am not interested in the coin collection at all, but I would love to have the wooden skis if no one else is dying to have them. The pioneer stuff and Gammy's painting are also things I'd love-- so I'd be happy with any of them.
I'd like the pot. Also the record player would be cool to have.