Keeping the Family Together and Having Fun
It's common for Minnesota families to enjoy the great outdoors and invest in a family cabin. Years of memories are made in these cozy homes, and you want to make sure your family cabin gets passed down to your loved ones to make their own family memories. A Cabin Trust is a tool that can help preserve your legacy.
Understanding a Cabin Trust in Minnesota
The Cabin Trust is an extension of your estate plan in Minnesota. This type of trust establishes the essential aspects of your family cabin. Some parameters addressed in a cabin trust include detailed rules on equity, taxes, expenses, maintenance, labor, leasing/renting agreements, and responsibilities for the cabin. This document can cover property ownership issues, like family conflicts, and clarify to which family member the cabin is passed down.
Why Do You Need a Cabin Trust?
Family member disputes over a family cabin after a family member's passing is a common issue. If a Cabin Trust is appropriately drafted with an experienced Minnesota Cabin Trust attorney, you can mitigate some arguments and issues.
A Cabin Trust has many benefits as part of a Minnesota estate plan. For example, cabin trusts help parents to maintain control of the property during their lifetime. Parents tend to want the cabin to continue as a family asset where future generations can enjoy the property. Unfortunately, disagreements can erupt, and without property planning, instead of bringing a family together, the family cabin can tear a family apart after the parents pass away. A Cabin Trust can ensure the cabin is kept in the family and keep family members out of court.
Another solution is a Cabin LLC.
I some situations it makes sense to run your cabin or lake home as an LLC owned and operated like a small business. This process may help with transfer of ownership and preventing use and management conflicts.
If you or a loved one need an experienced Minnesota attorney to manage your simple or complex estate plan, elder law needs, or to create a cabin trust or LLC, it's time to contact Neil Thompson, Attorney at Law at his Bloomington law firm. We welcome you to call us today at 612-246-4788 or contact us through this website to learn more about how we can help meet your legal needs.