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escrow proposal

June 20th, 2007 at 04:11 am

Saving log - $0
Spending log - $1.84 coffee, milk + $7 lunch

What's left on the inheritance is for the proceeds on the property that the Wisconsin DNR bought are to be divided up between sister and I. Then the house, barn, sheds, and the 7 acres left (aka the farmette) are to be deeded to the two of us equally. I emailed my sister a proposal that we form a joint savings account that each of us contributes equally to pay for insurance, taxes, maintenance and upgrades.

I figure that this account would give sister some flexibility to pay what needs to be paid, it earmarks money to the farmette, it would set up a natural limit on spending, and it wouldn't hurt to put it in a vehicle that will pay us in interest while we make thoughtful decisions.

Sister mentioned the possibility of "buying me out" of the farmette in about 5 years. I also think if each of us puts equal amounts into an account like this it would make the accounting at that time a lot easier. Nothing like avoiding a "you spent this, but I spent this" fight.

Wonder what she thinks about this?

1 Responses to “escrow proposal”

  1. LuckyRobin Says:

    It sounds like a smart and fair way to do things.

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