Create Permit Trust

• simple, single asset trust per USFS requirement
• trustee holds permit, may not trigger transfer fee if permittee remains the same (Ellen) & is done this year
• all nine co-owners transfer their share to trust in exchange for beneficiary interest (buy out Mike’s heirs later) 

Create Ownership Agreement 

• In exchange for transfer to Cabin Trust, each “Branch” - FM & HTM - retains 50% beneficial interest - not 3/7 & 4/7
• Keep decision-making in proportion to current 6 participating members, or their heirs in proportion  
• Annual Expenses - 50% of the total of permit fee, property tax & HLCOA fee paid by each branch (FM & HTM) - branch to determine where $$ come from (dynasty trust or personal).  Electrical & supplies to be paid by user fees.
• Repairs & Maintenance - 50% to be paid by each dynasty trust.  Each branch provides 1 or 2 Repair Committee member(s). Damage caused by user to be paid by user or their sponsor.
• Define privilege to use - Timing, owner vs. visitor, fees, spousal “life estate”  
• Transfers of beneficiary interest - keep within family - priority to members of own branch, then other branch - no payout 
• Sale - only if 95% agreement, proceeds 50% per branch, divided by members per their input in $ or time 
• Avoid probate - agree to include cabin interest in will or trust
• Insurance - agree to provide liability (additional insured location), acknowledge no fire insurance, no re-build
• Waive right of partition, right to transfer, right to rent
• Agree to keep historic integrity of cabin - no additions, substantial changes or re-decorating unless 95% agreement - improvements all subject to USFS