More In This Category
Well the biggest issue with no planning is co-ownership. If you think of three children inheriting a cabin without any planning there’s issues of how they’re gonna use the cabin and how they’re gonna share expenses, how they’re gonna deal with succession of their interests. So there are many ways we can properly deal with cabin succession planning whether it’s LLCs, trusts, co-tenancy agreements. The key is that flesh out the objectives of the client and many times do some planning in advance to make sure the succession goes the way they intend.
Eden Prairie, MN Estate Planning Attorney David Ness talks about certain issues that arise when passing a family cabin to heirs.