The upfront costs of creating a Revocable Living Trust is almost certain to be higher than creating a Will, but a Revocable Living Trust may be cheaper in the end. Why? The Revocable Living Trust typically avoids the time and expense of probate. » Read more..
Archive for March 15, 2016
Keeping the beloved Minnesota cabin in the family is an oft-heard goal that is frequently addressed by placing the cabin in a revocable living trust or by setting up a limited liability company (LLC) to own the cabin.
Another common goal is to avoid potential future ownership of the revered family cabin by outsiders — i.e., the creditors or divorcing spouses of the next generation of family members. Blocking disputes among next-generation owners from forcing a sale of the cabin, through a court “partition” action, may also be a priority. » Read more..