There are an estimated 24,000 recreational homes in Minnesota. Property is often handed down to the children, which works fine until the children pass away. What tends to happen is that the property then starts to multiply owners as the property gets passed on to further decedents. To alleviate this situation, a trust or an LLC can be setup to help manage the future of the property. A trust can govern who becomes the beneficiary of the property, establish rules for managing the property and maintenance, and provide liability protection for the owners. An LLC can provide further flexibility for setting and changing rules as the needs of the property owners may change in the future. Attorney Jason Lee discusses the best course of action for passing down the family cabin in this interview on KDUZ 1260 AM’s show “Legal Update.”
Jason Lee is an attorney with Melchert Hubert Sjodin at the Hutchinson, Minnesota office. Jason represents estate planning, estate administration, real estate, and business clients. To discuss your specific situation, contact our estate planning team at Melchert Hubert Sjodin at 320.587.2046.