10-26-2004, 02:50 PM #1
What would you do if??? Need some input guys
Here's the background. When I was married and we lived in San Diego, we got close to my ex-husbands aunt and uncle. She passed away while we were there and it was a very hard time for us. They loved our kids and we spent a lot of time together. Now Mitch (the uncle) is 90 and trying to decide what to do with his business and property. He wants to give it to one of his relatives to run to keep it in the family. No one wants it. So he has set up a trust and all kinds of legal paperwork leaving the property in the control of my former father in law and two of Uncle Mitches brothers. When I was visiting with my ex he told me about all this and I told him it was too bad that we weren't together because I would love to run it. He told his uncle that and now Uncle Mitch wants to talk to me. As I understand it, he wants me to come live in his house and I would run the business....part of which is an upscale trailer park for retiree's only with a seasonal rental section that he rents out to firefighters during the fire season, etc.
I would of course get a salary and as I said, live in the house with the utilites etc paid by the company.
The bad part is that if one of the members of the family gets a wild hair they could conceivably come in and evict me and take over. I of course would want to have it written into a contract that I would have to be given 6 months notice, etc.
The good part is....it gets me back to Cali, I have a free home to live in, income in addition to my retirement pay and it gives me a chance to decide for sure where I want to go...with some security.
What would you do? It's only me....my daughter is moving away so I only have to worry about myself at this point.
10-26-2004, 02:55 PM #2
Do it CB!! Good luck with ur decision!
10-26-2004, 02:57 PM #3Originally Posted by Commando_Barbi
10-26-2004, 03:03 PM #4
First make sure that you get a clear written contract, protecting you as much as possible.
10-26-2004, 03:06 PM #5CutieFace Guest
Make sure you get it written in the contract that they can't just come and evict you over night...and I'd say go for it hon...sounds like a no win situation.....
10-26-2004, 03:25 PM #6
Definitely sounds like there is a lot of upside to this deal.
First, if it sounds like something that would enable you to be happy, especially if it means happier than you are now...then proceed. Fully explore it, to make sure there's nothing hidden. Like someone said, consult a lawyer before jumping in...and get everything in writing, the phrase "CYA" comes to mind. Protect yourself at all costs.
But it sounds like a great opportunity, and i wish you the best of luck...
10-26-2004, 03:26 PM #7Originally Posted by Bigen12
I was just going to post that bro....Yes, make sure u protect urself...
10-26-2004, 03:45 PM #8
Ya I would definitly want a contract insisting on at least 6 months notice if they want to take over the property and the business.
He would have to re-write his will to allow me to remain and run the property with the 3 estate trustees to supervise the operation. There's an education trust and keeping the property up and running would put more $$ in that for the kids of the family. Plus...who knows...he might even end up leaving me something .
10-26-2004, 04:34 PM #9
Nothing ventured nothing gained. When opportunity knocks you need to jump on it while covering your tail at the same time.
10-26-2004, 04:41 PM #10
**** that sounds good...especcially since its just yu and you dont have anyone else to get mad at you for doing it
10-26-2004, 04:50 PM #11
CB i think you already know what you want to do.. now is the time to do it.
I'm sure yur a smart woman you'll figure it out.
10-26-2004, 09:13 PM #12
Sounds liek a good opportunity. I would be speaking with a lawyer ASAP.
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