[at-l] Cole/McGinnis: Response to Stimson note.

[tmcginnis@ucclan.state.in.us (Thomas McGinnis)]

     How I spent my afternoon......


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Subject: Cole/McGinnis: Response to Stimson note.
Author:  Thomas McGinnis at UCCLAN
Date:    10/20/99 5:02 PM


     There is a minor cart/horse problem here: 
     
     1) I cannot have the house appraised outside of a mortgage application 
     and be assured that the appraisal will be used by the mortgagor.
     
     2) I cannot apply for a mortgage until the full ramifications of the 
     divorce decree (re custody, child support levels, remaining potential 
     liabilities, etc.) are known. This should be obvious.
     
     3) It was my understanding that the 120 day clock would start on the 
     day of the divorce decree. I have nothing from the court to suggest 
     otherwise, and it would make for problematic completion of the items 
     noted above. The use of an arbitrary date chosen by Stimson is not 
     appropriate. Regardless, I remain committed to keeping all informed as 
     things progress.
     
     
     Two items need clarification in the attorney's conference:
        
     1) The 1985 Volvo 245 automobile needs to be retitled/reregistered to 
     Husband. This should be handled by Husband/Wife without much 
     complication, as mutually conveniant on or after the date of the 
     decree.
     
     2) To the best of my knowledge, the American Century GiftTrust 
     accounts for sons Cole T. McGinnis and Connor T. McGinnis are 
     established with the company, and not with Husband or Wife, as 
     Trustee. As was made clear to Ms. Cole when the accounts were 
     established, neither Husband or Wife can affect the accounts once they 
     are written. This was erroneously discussed as a possibility during 
     trial. Wife should contact American Century herself; they maintain an 
     informative website which should be useful. Furthermore, the accounts 
     were established and funded with marital assets, which should rule any 
     disposition re survivorship. Ms. Cole (or anyone else) is free to 
     establish functionally identical new accounts at any time.
     
     
     Please let me know if I can be of further assistance in preparing for 
     the October 26 conference.
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