Protecting Farms And Cabins As A Family Legacy

Some real estate is more than a financial asset. Whether it is a cabin in Wisconsin or a family farm in northern Minnesota, the property is a legacy that family members can value for generations to come.

The estate-planning law firm of Chandler and Brown, Ltd., helps families prepare for the next generation of ownership of farms, cabins, businesses and other property. Our law office is in St. Paul, and our lawyers serve clients in Minnesota and Wisconsin. Call us at 651-964-6087 for a free initial consultation about your family property.

Protecting Your Farm Or Cabin For Generations To Come

A lake cabin or farm can serve as a way to keep family members together in the future. However, your children may not remain in the same area of the country as adults, and they may not have the same interests. No two families are exactly the same. A succession plan for a family cabin or farm needs to consider not only the asset, but also your family members.

Here are examples of questions your estate plan should answer:

  • If one child is interested in running a farm, how can assets be distributed fairly? Will other children receive a share of farm land or assets of equal value?
  • If a child moves away and is no longer interested in a family cabin, will he or she be able to sell his or her interest to the other family members? How will the cabin be valued?
  • What will happen to a family farm or cabin if a child is divorced or goes bankrupt?
  • What are the tax implications associated with the transfer of the family farm or cabin?

Our lawyers can help you protect your family property for future generations by establishing a separate legal entity to hold title to the property. Popular entities include limited liability companies and trusts and family limited partnerships.

Schedule A Free Consultation About Transfers Of Cabins And Farms

To discuss your estate planning for family property with an attorney at our law firm, call us at 651-964-6087. You can also reach our office online.