Charliegizmo49
Former Member
- Joined
- Oct 28, 2017
- Messages
- 1,869
- Reaction score
- 11,662
You’re right!
All MOO, of course. FW seems to me to be the type wanting the farm to exist forever, hence, a perpetual trust. It’s really a very popular instrument & it avoids putting future generations on “easy street, something many elderly wish to avoid.
A perpetual trust (if one is in place) affords FW the opportunity to control HER farm, even in death.
I’m not sure trusts can go on as perpetual anymore. The law changed about 7 years ago and now most if not all states have signed on to an Interstate Estate/Trust Compact. that’s the reason I’m not commenting. I don’t recall if Ohio agreed. Delaware did not at the time due to their affected corporation law.
And simply because I learned what was necessary for passage and fine tuning our Statutes to comply, I depended on real attorneys to draft and offer advice. I didn’t like the issue and thus can’t offer an opinion in an educated way so I remain quiet.