Tag Archive for cabin

Keeping the Minnesota Cabin in the Family

Mountain Retreat

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..

Should You Use a Trust or LLC to Keep the Cabin in the Family?

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..