Options for the family cabin
In most family cabins, the parents (generation 1) are the original owners, and at some point pass the property on to their children (generation 2). We have worked both with parents and with second generation owners to structure cabin ownership in a way that meets their needs.
WHY AN LLC?
An LLC (limited liability company) is a business entity, and is most commonly used for small businesses. However, an LLC also is useful as a way for multiple owners to hold recreational property, since it allows the owners to set their own rules for joint ownership by agreement. By holding property in an LLC, the owners also limit their liability for actions related to the property taken by their co-owners or other third parties.
HOW THE PROCESS WORKS
Like all of our work, setting up a cabin LLC starts with a no-obligation consultation to discuss the situation and available options. There is no cost for the consultation. When you schedule, our email confirmation will include more information on how to make the most of your meeting.
We will look forward to meeting you.
Do you have questions about whether this type of appointment is right for your situation? Call our office today and we can provide you more information.