We all know the story....
He grabbed what he shouldn't have (he didn't have the knowledge to use it properly)...
Then he set about using this power...
...to save himself some hard work...
...only to discover...
...that he couldn't control the power...
...CHAOS!
And then the sorcerer came back...
...and [cough cough!] they all lived happily ever after.
...which demonstrates
a) THE POWER OF THE FASCISTS!
I mean, it demonstrates that I have never seen the film or even talked of a film. What film? Who said anything about a film? (though I have seen clips)
and as that no longer makes any sense, let's get on with it!
b) I'm trying to find an entertaining way to get all your big brains--and if Chris has the brain of a small bear [...]
(That was a small pause, coz bears like pawses!)
...then I am the bear with a small bear's slightly less brainy mate.
Which makes even less sense than what came before. Well, actually, it makes about as much sense or maybe a bit here or there over on the er...fish's hat.
So...we're talking about a revolutionary new way to deal with owner-occupied property as the occupying owner(s) get older...
Or, in English (soon not to be my native tongue--ongleesh has me in its tentacles! And oh how smooth, what luvverly mossoiges...yoinks!)
...yes, in English:
Many of us either are or have parents who are growing wiser and (unfortunately for the non-eternal among us) older.
Well, you bunch of taoists you! Of course you are ONE with the universe.
But, hey, here comes the tax man and he wants to kick yer old mum out of her house for LEGAL reasons that make no sense! And then you go see a lawyer and she charges mucho denaro (hundred of denaros per hour!) to tell you that it's all VERY COMPLICATED.
And then along comes the man in his magic hat and says the following (hope you don't mind Chris ;):
The reason the "Land Partnership" changes the game entirely is that it enables that bundle of rights and obligations we think of as "property" to be bundled and shared around in entirely new ways.
ie an entirely new form of tenure of indefinite duration - an "evergreen lease" - whereby for as long as you rent the Land and the Capital invested in it you pay an agreed "Capital Rental".
It also means that "Real Property" need never be bought and sold again, although "Occupiers" and "Managers" of it, and Investors in it, may change over time.
The key is that the "freehold" is put into "Trust" with a "Custodian" Member of the LLP or LLC - exactly in the same way that massive firms like State Street and Northern Trust act as "custodians" of shares while the "beneficial interest" is traded increasingly furiously on the casino's we call Stock Exchanges.
Having done this it is merely a question of who lives in the property, who invests in it, who manages it and what the relationships are between them.
French Law is interesting in respect of inheritance, and it would be interesting to see how this structure would intersect with it, with the property itself in trust.
This wrapper offers a neat IHT mechanism in that it is possible to transfer "Equity Shares" to one's kids and then to pay a "Capital Rental" to them (if you don't the Revenue will tax you on the benefit) and continue to live there.
But hey, that's no problem if you actually pay them not in cash but in more "Equity Shares".
The problem comes when you want to move. You have to convince the new "Occupier" to take on this radical new mechanism.
Well, when you tell him that all he needs to pay is an agreed "Capital Rental" - that if he pays more he starts buying "Equity Shares" in the property and that the outcome is much cheaper in cash terms - BECAUSE HE DOESN'T HAVE TO REPAY LOAN PRINCIPAL - then who knows, you might even get people interested.
If not, just rent it out conventionally and rent somewhere else. The model interfaces perfectly well with the existing mechanisms.
http://www.eurotrib.com/comments/2007/3/26/53923/7625#62
Now, maybe I understand just a leetel beet of that. I understand that should you want to SELL and RUN AWAY WITH THE MONEY, oh no no no. Nein is posseebilen.
Or did I get that part wrong, too?
Ya see, it's too late for me. I'm a hundred and ninety seven, doomed to live forever, and I own nothing but the seventeen pairs of silk knickers a young lady left me in her Will back in the eighteenth century. And a pipe. (She was attached to that pipe, we had to...no no. RULE ONE THOUSAND AND FORTY EIGHT: Never post diaries while under the influence of hallucinogens.)
Cough! Wheeze!
Okay. So, ignore all my colourful rococo nonsense and concentrate on THE IDEA. What looks wrong with it? Why won't it work.
And...
What does it mean?
Because I have some contacts among the eternity-challenged brigade and some of these people do own property, and in no more than a few brief decades (or so) this situation will be happening to them, and what with my small processor...
Hmmm....he's thinking....tasty bananas.
So, er, throw some intellectual bananas my way. And remember: I only have a few decades to work this one out!
And finally, a gratuituous picture of a bear.
