Protecting Your Cabin for Future Generations
Having a family cabin is one of the most cherished parts of the upper Midwest experience. If your family is fortunate enough to have a cabin to escape to, you likely want to preserve this asset for future generations.
At Stellmach Law PLLC, we can help you protect your family cabin and create a plan that provides enjoyment and peace of mind for generations to follow.
How Can Ownership Be Passed?
This goal can be achieved in several different ways, whether you are looking to pass down a lakeside cabin, hunting property, or other recreational land. Without planning, the land will be included in the probate process of the last family member to die, leading to unintended beneficiaries when the property is sold.
Revocable trusts, irrevocable trusts, and LLCs can be used to address the following issues:
- Cabin usage rights
- Maintenance duties
- Financial and labor contributions
- Non-compliance penalties
- Transfer restrictions on ownership
- Buyout procedures
A cabin trust can outline how decisions will be made, by the trustee, for the benefit of the trust beneficiaries. The ownership in the LLC can be slowly distributed over the lifetime of the initial owners or transferred by an estate planning instrument. LLCs are governed by an operating agreement as to the management of the LLC.
Each option comes with its own advantages and disadvantages that we can help you weigh based on your family’s unique situation.
Don’t Let Your Family’s Dream Become a Nightmare
We can help you preserve your family’s cabin and provide all parties with peace of mind. Contact us today to get started.