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New Cabin Trust keeps Minnesota kids from fighting over the family cabin when parents are gone…

MINNEAPOLIS, MN, Oct. 2 – Fighting over the family cabin after the parents are gone can devastate relationships between siblings. The Cabin Trust lays out the parameters of use including detailed rules on equity, taxes, expenses and responsibilities for the family cabin. With a properly drafted Cabin Trust, the family cabin can continue on as a family asset because everyone involved understands their role and responsibility. There is nothing left to fight about.

Wills and trusts have always treated the family cabin just like stocks or bonds. In other words, just another family asset. This leaves the children to decide between themselves to keep it, sell it, or have one or two kids keep it and pay the other kids off with other estate assets.

However, this is rarely how these situations resolve themselves. No one has an emotional attachment to 1,000 shares of General Electric. But start talking about what to do with the family cabin and the sparks start to fly. The cabin is the family’s Kennebunkport. Maybe not always in net worth, but certainly in terms of the family memories created there.

Therefore, this is the one asset that the parents usually do not want the kids to liquidate and then divide up the cash. They want the cabin to continue as a family asset where their kids can continue to enjoy it with their own kids. Unfortunately, without the proper arrangements, instead of bringing the family together as intended, the family cabin can tear a family apart after the parents are gone.

The kids often have very different lives and so very different expectations of the cabin’s use. Even if they all agree to sell the cabin, there are often disagreements. And if they decide to keep the cabin, fights can erupt over its use, expenses, taxes and who is responsible for what. All too often the cabin becomes a nightmare for the kids rather than a precious shared family asset. In these situations, a cabin destroys family relationships that often never get repaired. The Cabin Trust can keep the cabin in the family and the kids out of court.

Learn about the Cabin Trust; what it is, how it works, what’s involved, and how to use it in an existing estate plan. Attend the free Cabin Trust seminar on January 28th, 2009, by Estate Attorney Joel Mullen. The seminar is at the 8400 Building of the Normandale Lake Office Center in the lower level training room from 6:00 – 7:00pm.

For more information, please call Joel Mullen at (952) 921-2444 or complete this short form below to RSVP today:

RSVP for this Free Seminar Today! Space is Limited! Just complete the form below to be added to this list:

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