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?
--
******************************************
***** Have a Spectacular Day! *****
******************************************

John

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?
--
******************************************
***** Have a Spectacular Day! *****
******************************************

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.

"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?
--
******************************************
***** Have a Spectacular Day! *****
******************************************

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. ;-)

On Tue, 15 Aug 2006 12:18:41 -0400, "Reginal P. Smithers III"
wrote:

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?
--
******************************************
***** Have a Spectacular Day! *****
******************************************

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.

Well, that's another reason to keep it titled and insured in my name. To do
$10,000 damage to this boat, they'd just about have to sink it. Then the
problems would be resolved!
--
******************************************
***** Have a Spectacular Day! *****
******************************************

John

I have been in a share situation for over 4 years now which has worked
exceptionally well. 3 partners who did not know each other prior to
this arrangement. We operate a separate check account from which all
expenses are paid and drew up a very brief agreement which evolved over
the 1st 12 months of the arrangement. Sharing with family will have
different dynamics but no reason why it should not work. The major
criteria is the co-operation between the parties & addressing issues as
they arise rather than letting them brew. Set out a brief checklist to
be completed on entry & more importantly on exit (so the boat is ready
for the next user), a timetable or booking system, a 3 or 6 monthly
maintenance program and you will all enjoy the benefits of "ownership"

On 15 Aug 2006 16:53:57 -0700, "C33" wrote:

I have been in a share situation for over 4 years now which has worked
exceptionally well. 3 partners who did not know each other prior to
this arrangement. We operate a separate check account from which all
expenses are paid and drew up a very brief agreement which evolved over
the 1st 12 months of the arrangement. Sharing with family will have
different dynamics but no reason why it should not work. The major
criteria is the co-operation between the parties & addressing issues as
they arise rather than letting them brew. Set out a brief checklist to
be completed on entry & more importantly on exit (so the boat is ready
for the next user), a timetable or booking system, a 3 or 6 monthly
maintenance program and you will all enjoy the benefits of "ownership"

Is it possible you could email me a copy of the agreement? Would be
appreciated.
--
******************************************
***** Have a Spectacular Day! *****
******************************************

John

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?
--
******************************************
***** Have a Spectacular Day! *****
******************************************

John


Can the kids afford to keep up the boat without your one-third
interest?

If so, just give them the boat as well as 100% of all the expenses.
Sell it for $1. You arrive at an understanding that dear old Dad will
be allowed to use the boat X days per week, month, quarter, or whatnot
on a prescheduled basis- and you can still go fishing while presenting
your kids with the gift of a boat. You also want the first right of
refusal to buy the boat back (for the same $1) if the kids decide to
sell it. That would be my approach, but I agree with others that it can
be risky sharing a boat with family members. You'd be better off having
a sharing agreement with strangers, administered by a neutral third
party, than getting into family wrangles about just who ran over a rock
and bent the prop or left the boat a total mess last week, etc.

On 15 Aug 2006 09:48:15 -0700, "Chuck Gould"
wrote:


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?
--
******************************************
***** Have a Spectacular Day! *****
******************************************

John


Can the kids afford to keep up the boat without your one-third
interest?

If so, just give them the boat as well as 100% of all the expenses.
Sell it for $1. You arrive at an understanding that dear old Dad will
be allowed to use the boat X days per week, month, quarter, or whatnot
on a prescheduled basis- and you can still go fishing while presenting
your kids with the gift of a boat. You also want the first right of
refusal to buy the boat back (for the same $1) if the kids decide to
sell it. That would be my approach, but I agree with others that it can
be risky sharing a boat with family members. You'd be better off having
a sharing agreement with strangers, administered by a neutral third
party, than getting into family wrangles about just who ran over a rock
and bent the prop or left the boat a total mess last week, etc.

That may be an idea. I'd thought of keeping title just to forestall any
serious issues. I could always just sell the damn boat and refund any money
they'd paid toward expenses. On the other hand, selling them the boat for a
buck may provide what I'm looking for without having to be in the middle.
It's a hard decision. That's why I asked for ideas. I appreciate them all.
--
******************************************
***** Have a Spectacular Day! *****
******************************************

John

On Tue, 15 Aug 2006 13:47:48 -0400, JohnH wrote:


That may be an idea. I'd thought of keeping title just to forestall any
serious issues. I could always just sell the damn boat and refund any
money they'd paid toward expenses. On the other hand, selling them the
boat for a buck may provide what I'm looking for without having to be in
the middle. It's a hard decision. That's why I asked for ideas. I
appreciate them all. --

John, I don't know your family, but if you are thinking there may be
problems, I like your idea of keeping the title. If things get out of
hand, you can end it by selling the boat. On the other hand, if you sell
it to them for a dollar, if things get out of hand . . . and as you are
still part of the family, you are in the middle.