Two of the most popular approaches to keeping the revered family cabin in the family are to either place the cabin in a revocable trust or set up a limited liability company (LLC) to own the cabin.
Both approaches have pros and cons. Which technique will work best for you depends on your goals, circumstances and chief concerns.
With either the revocable trust or LLC, your children won’t own the cabin directly. That feature has some practical advantages. » Read more..