The answer to your question is yes. But I am not at all sure why you would do that. What are you trying to accomplish with that design? I think you would be well served to get very clear regarding your priorities to be set in relation to your family and the design elements necessary to meet your goals in relation to those priorities. You question suggests the need to consider the big picture before you make specific decisions that may or may not be in accord with it.
I agree with Mr. Greenwood. I do not understand the reasoning behind this... Perhaps you can state your objectives in creating this type of arrangement. This will allow us to give you better insight, or other alternatives to achieve your goals.
Yes you could, but without us knowing your specific objectives, no one call really advise you if such a structure would achieve your desired goals.
Frank W. Chen is licensed to practice law in the State of California only. The information presented here is general in nature and is not intended, nor should be construed, as legal advice. This posting does not create any attorney-client relationship with the author. For specific advice about your particular situation, consult your own attorney.