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What is the Best Way to Leave the Family Cabin To the Next Generation

Attorney Thomas B. Burton discusses estate planning techniques for leaving the family cabin or cottage to your children or heirs in Wisconsin and Minnesota. Attorney Burton discusses some common strategies and pitfalls to be aware of when considering ways to pass on your family cabin to the next generation.

Transcript of Video: What is the Best Way To Leave the Family Cabin to the Next Generation?

Today's question has to do with the

family cabin or the cottage what if you

have a cabin or cottage and you want to

leave it to your children well you think

why can't I just leave it in

the Will to my three children and then

they'll take care of it well that's the

simplest method it could be full of

problems oftentimes while you own the

cabin you take care of the expenses and

the maintenance if you leave it through

your Will to your three children each

will own an undivided one-third

interest in the cabin depending how you

set it up what happens when one of them

does not want to pay the taxes how can

the others get the money from the one or

two who cannot or will not pay in

addition when the roof goes bad who pays

for it there's limited mechanisms for

enforcing in the worst case scenario if

one year children has creditor problems

and they're a one-third owner of the cabin

the cabin could be attached by their

creditors in regards to their ownership

interest finally if all three are owners

and one wanted out the judge could order

a petition sale meaning the property be

sold so that the one child could be

bought out these are worst-case

scenarios but believe me they happen

every day if you have a cottage or cabin

I strongly urge you

to consider a revocable living trust or

LLC or other vehicle to protect it if

your goal is for the next generation to

use and enjoy that cabin.

This is a great question thank you for

asking and please like comment and share

this post and keep the questions coming.

If you would like to be notified about future video blogs posts, or to submit a question for a future post please visit this page on my website.

© 2018 Law Office of Thomas B. Burton. All Rights Reserved.

Transcript and captions provided for ease of access for the hearing impaired.

For questions about this topic, or to suggest a topic for a future blog post, please contact my office.

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