Securing your Cabin's Future: With Trust
March 16, 2010
|When a family cabin is passed down from one generation to another, the property once viewed as a nostalgic representation of summer youth can sometimes become a cause of family friction and turmoil. To avoid emotional stress and plan for future management of your cabin, you may want to consider working with an attorney to establish a cabin trust. |
Top 6 Reasons to Create a Cabin Trust:
1. Prevent disputes among family – such as conflicts over remodeling expenses or the rotation of dates for family stays.
2. Evade probate – a process that can exact a high cost and take months, even years, after the death of loved one.
3. Avoid paying for other family member’s problems or mistakes – such as divorce or spendthrift children. A trust can eliminate the possibility that the value of your cabin could be leveraged to fix such problems.
4. Avoid tax increases – when ownership of the property is passed down or the cabin is retitled by a claim agreement.
5. Safeguard your cabin against nursing home costs – eliminate the possibility of cabin property being used to pay for an expensive stay at a nursing home.
6. Establish a family legacy – responsibly pass down the family cabin for the enjoyment of future generations.