When the next generation inherits the family cabin, they have different expectations of what should happen to the cabin: Who gets to use the cabin and when? Are guests allowed? Can they bring pets? What if some children want to sell while others do not? Who will pay for maintenance or cover the taxes? All too often the cabin becomes a nightmare for the children rather than a precious shared family asset.
The good news is that a properly drafted Cabin Trust can eliminate most, if not all, of the problems that could arise. Cabin Trusts lay out the parameters of use, taxes, expenses, maintenance, labor, leasing/renting arrangements, and responsibilities for the family cabin. A Cabin Trust can preserve family relationships and preserve the family cabin for generations.
If you own a family cabin, you need to hear about the benefits of a Cabin Trust. We offer complimentary consultations to discuss how your family can benefit from a Cabin Trust. The meeting is free, but the information is priceless. Call our office today at (612) 474-0404 or fill out the contact form to request a complimentary consultation.