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Many families have vacation homes that hold a special place in the family history. Parents often want to leave this home to their children but if there is not a specific plan in place, such a ‘gift’ will end up being a curse. When planning for the transfer of the family cabin to the next generation you want to make sure that your plan addressees that various personalities and life circumstances of your children. For example, you’ll want to consider:

  1. What if some of your children want to sell the cabin?
  2. How will the ‘group’ manage the cabin?
  3. How will they share use and expenses of the cabin?
  4. How can you protect the cabin from the creditors of each child?
  5. How will improvements be handled?

There are a number of other considerations and many potential options. A skilled attorney can help you analyze the issues and craft solutions.