Best Real Estate Lawyers in Janesville, WI

Is a Cabin LLC right for you? Continued. Life at a family cabin can bring a state of mind that can only happen when life’s intrusions are left at behind. Sadly, this serenity can sometimes end when the time comes to change cabin ownership. Some family members may want to hang on to the cabin and keep the family traditions alive, while others want to sell the cabin and split the cash. If the folks who want to keep the cabin cannot afford to buy out the others, the family may be headed down a painful road. In Wisconsin, as in many states, the law will not ease 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 stay in the family. You can help maintain harmony and better ensure that the family cabin stays in the family for generations by using a cabin limited liability company (LLC). The cabin LLC would actually take title to the cabin. The family members would own an interest in the LLC. The operating agreement for the cabin LLC can then be structured to avoid the sale of the cabin without the mutual agreement of the members. The cabin LLC structure is also nice because it allows families to create their own rules to reflect their own values. It would be a shame if a place that holds so many fond memories is lost. Folks owning a family cabin should think outside the box and plan for the future.