Best Estate Planning Attorneys in Janesville, WI

Family Cabin LLC: Is it right for you? People who experience life at a family cabin reflect on the peace that can only happen when life’s intrusions are left at home. This makes it even more tragic when the time comes to change ownership–for example, when a grandparent passes. The details of the transfer can damage family relationships. Some members of the family want to hang on to the cabin and keep the family traditions alive, while other family members want to sell the cabin and split the money. If the folks who want to keep the cabin cannot afford to buy-out the others, the family can be headed down a painful road. In Wisconsin, the law can fall short as far as easing these burdens. Title to property may be held as “tenants in common”. This means that a co-owner who wants to sell the cabin can force a complete sale of the property, even if other family members want the cabin to remain in the family. Through the use of a limited liability company, one can put together a solid cabin succession plan to help maintain harmony and ensure that the family cottage stays in the family for generations. The operating agreement for the company can be structured so that it is not possible to sell the cabin without the mutual agreement of the members. Heirs cannot argue about whether or not it can be sold. In addition, if an heir is to buy-out another heir, a mechanism can included in the agreement for establishing the purchase price and other terms for the sale.