"Reginal P. Smithers III" wrote in message
. ..
JohnH wrote:
I will soon be moving my boat down to the Rappahannock River to make it
available to my kids for their use. Right now the drive for them is much
too long. As part of the deal, we three families will share expenses for
storage, maintenance, and insurance. I will retain title to the boat. I'd
like to draw up an agreement of some sort for such a use of the boat.
Any ideas on what considerations I should include therein?
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***** Have a Spectacular Day! *****
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John


JohnH,
For what it is worth, I am in complete agreement with Harry, except I
carry it one step further. I make it a policy NEVER to enter into any
business arrangement with any family members.

What seems like such a smart idea can destroy a family, when suddenly
finances are involved. An example of how this can impact on a simple
boating arrangement. Suppose user X takes the boat out and as soon as he
starts the engine a $10,000 problem occurs, and the mechanic determines it
is the result of user neglect, who caused the problem, was it user X or
user Y, the person who had the boat before user X, and why should user Z
have to pay anything. Trust me, this is trouble with a capital T.

Yep. I *loaned* my sister and BIL $40,000 a few years back with 4% interest
and the stipulation it be paid back in 2 years.

I had a bit of a problem getting the money back and will never do it again
for family or friends. ;-)