Passing on a cabin or vacation property requires planning.

Why Do You Need a Plan?

A plan can help you establish what will happen to your treasured property in the future.  It can also reduce disagreements amongst family members when your plan is clearly set forth and understood by all parties.  A carefully crafted plan helps to reduce family friction, conveys the property to others, and can even lead to lower costs, expenses and taxes.

What Could Possibly Go Wrong?

Quite a bit, actually.  Consider the following scenarios and how would you react to each.

  • Your family squabbles over your property and it becomes a thorn in the side for all concerned.  Typical problems include disagreements over who pays for maintenance and upkeep, who gets the property on what weekend, and what friends or guests can visit or use the property.
  • One child wants to keep the property while the other wants to sell it because they want or need the money.
  • Your child becomes divorced and your former son or daughter-in-law attempts to maintain his or  her interest in the property.  

What Can You Do to Avoid Disaster?

  • Make a plan now for what will happen with the property in the future.
  • Consider whether you want the property to be kept in the family for future generation’s use and enjoyment or whether you want to sell it and use the proceeds to help fund your retirement or assist other family members.
  • Talk to your family about your plan and solicit their input – their responses may surprise you.

Why Do You Need an Attorney?

  • Passing the cabin or recreational property on to future generations requires careful consideration of the applicable estate, inheritance and gift tax laws (both state and federal), as well as the corporate statutes necessary for entity formation (Family Trusts, LLC’s or LLP’s) and numerous regulatory matters, particularly the look-back periods associated with medical assistance and other government financed programs.
  • With a goal established, an attorney can craft a legal plan to accomplish it.
  • An attorney can offer advice and insight on how best to accomplish your goals in the most timely, efficient and effective manner possible. 
  • An attorney can prepare and draft all documents necessary to achieve your goals. 
  • An attorney can update and advise you on changes in the law which may affect you or your property.