Boating partnerships

[roscoe]

Re: Boating partnerships

Spouses, ex-spouses, ex-spouses children, IRS, Ex-spouses new husband......
can all cause you problems in the future. As can your partner's widow, should he die.

You shouldn't do this for the same reasons you should not will real property, jointly, to multiple survivors.

You should each hire your own lawyer to draft the papers, and expect to pay $500+ ? each for the service.

Then when something goes wrong, go back to the lawyers and pay them $4000 to try to fix it.

Lawyers love these partnerships.

 

[vess]

Re: Boating partnerships

Dvan- I was wondering if you had found enough info about the potential partnership for the boat. Be prepared and dig up a lot of info before going ahead with it. As Roscoe points out, it can get expensive if you experience trouble. Do you have any options to lease from a company? It is like a timeshare in my area, as I said earlier, and you share it with a couple of other people. That would take some of the management headaches away. Good luck whatever you decide. And thanks for pointing out the calendar info. I hadn't seen it before you mentioned it, and it looks like a great tool to use for sharing info with family.

 

[dvan1901]

Re: Boating partnerships

We haven't done anything yet. We have done some research and worked on drafting some initial "requirements" such as, use times, repairs, modifications, gas, storage, etc. Right now, the thing that may hold us up is the dealer we are working with. He's a complete tool. He tells each of us two different things when we talk to him. We may walk on the deal for now, but we'll see.