Letter dated 15 September 1941 from James Blood Linford to Maurice B. Linford

Letter dated 15 September 1941 from James Blood Linford at Oakland, California, to Maurice B. Linford at Madison, Wisconsin, discussing the safeguarding of their mother's funds113-119 Tenth Street, Oakland, California, September 15, 1941. : I. ' i & L Br* lanrice B. Linford, Department of Plant Pathology, university of Wisconsin, Madison, Wisconsin. Bear Maurice : lour letter to Zilla, Leos*» letter to Zilla, and the mesorandu® signed by ycVand Leon, all reached as today throng Bill* I was very glad ;. • i ear from you, and to know that you are enjoying your trip, and that Ihelma and .the children are well. The matter if safe-guarding "lotner1 s account is of ntsiost import­ance, and as you say, the funds are Mother's to do with as she chooses. She will want to handle then in the safest manner. I have attempted to snalpie the problems and will state mj opinions as follows* The mashers will refer to paragraphs in your memorandum* 1 & Zt The probability of inflatiea is a serious worry, fas only sexual protection against inflation is to convert cash i it» j&erchandise or real property just as Ez Lundah did whea ;.ie bought our house. I think it definitely not advisable for Heftier to invest in real estate, so beyond equipping herself generously with clothing I see act .v:„ practical for her to do about inflation. If it comes, there are seven of us to see that she is well cared for* The plan worked out is Logan to make aunti-iy- ac' itio is to her account caa be postponed until the balance reao ies 12,500*0-3, or such an amount. |3i "other1s checking account st&nde in the same et er, Zilla, and me. Ion are absolutely right in assuming that any elaia against Zilla or me could, tie up tlie account, and your sugf-.e3tio:i of a double signature would not correct this. But the probability of anyone here ever finding out about the joint account in Uta;- is remote indeed. With a" word of warnin,;;, Mother at any time o®ulci transfer the balance to another account by writing a single check, and 1 am sure that Zilla* i ear is insured, and I drive a car omsd. and maintained by The Scott Company, covered with #100,000 i??surance. All claims arising out of my business venture of 1934- were either paid or outlawed unJer the California State Statute of Limitations by V/0&* At our meeting in Logan I $&g :ested that Zilla be the one to sign with Mother, but was^overruled* Later 1 influenced Zilla to sign also* I assume, teat have not yet received complete details from lilla, that the money fro® the house is deposited in two banks, and that Zilla* s name only appears with Mother's on these accounts. As far as 1 am concerned, that is the way it should be. 113-119 Tenth Street, Oakland, California, September 15, 1941. fir* Sauries B. Linfora5. Department of Plant Pathology, University of lisconsin, Madison, Wisconsin. Dear MauriceI lour letter to Zilla, Leon*s letter to Zilla, and the memorandum signed by yo^and Leon, all reached as today through Bill* I was very glad to hear from you, and to know that you are enjoying your trip, and that Thelma and the children are well. The matter if safe-guarding lotuses account is of utmost import­ance, and as you say, the funds are Mothers to do with &0 she chooses. She will want to handle the® in the safe;;t manner. 1 fc-ve at tern J-ted to enal~:.t. the problems and wiH state sy opinions as follows* The numbers will refer to paragraphs in your memorandum* 1 & j|s the probability of inflation is a serious worry, the only actual protection against inflation is to convert cash into merchandise ©r real property just as E» Lundab die r.r;:ea be bought our house* I think it definitely not advisable for Motor to invest in real estate, so beyond equipping herself gener^M^ with clothing, I see ic': ;- practical Tor her to do about inflation. If it coses, there are seven of us to see that she is well chared for. The plan worked OUT in Logan to make monthly ac itio up to her account c&a be postponed until t-'ne balance reaches f 2,500*00, or such an amount. |3i , , or*s checking- account st&nde is the name! oi "other, Zilla, and me. Yea are absolutely right in assuming that angr claim against 2iHa or se could tie up the account, and your suggestion of a double signature would not correct this. But ?.he probability of anyone here ever finding out about the joint account in Uta-. is rsaot© indeed. With a"word of warning, Mother at any time could transfer the balance to another account by writing a single check, sua 1 a® sure that Zilla* &• ear is insured, and I drive a car omed and maintained by The Scott- Company, covered with $100,000 insurance. All claims arising out of sy business venture of 1934- were either paid or outlawed •i-i.'er the California State Statute of Limitations by 193#. At our meeting in Logan I suggested that Zilla be the one to si|pa with Mother, but was'overruled. Later 1 influenced Zilla to sign also* I assume, "tot have not yet received complete details from Zilla, that the money fro® the house is deposited in two banks, and that Zilla1s name only appears with Mother's on these accounts. As far as 1 am concerned, that is the way it should be. Dr. Maurice 3. Linford -2- 9/15/41. §L % & ™^-B account Must either be in Mother's name alone, or as a joint account, as above discussed. #6i I see no reason for eliminating the joint account feature unless Mother wishes. It was her suggestion in the first place, and it is our intention that only ISocher write checks. I donft know the cost of probating, but se® no reason for making it' necessary. Mother should have a Will in either case. #7i I asked Charles Linford, who works for the Sravelers1 Insurance Company, the advisiability of an annuity for Mother, and he advised against it* #Ss Already answered. #fo The California Law on inactive bank deposits requires that the Bank take no action until after ten years-then they must advertise ererj other year for ten years following* The Utah Law would undoubtedly be somewhat along this line. These are my opinions* Decisions on these matters must rest with Mother. I am sending a copy of this to the other five children. With best wishes for a nice visit to you aid the family, Sincerely, JmFTTljmm