Ask the Lukins & Annis Legal Professional - Estate Planning

Question: As part of my estate plan, how do I ensure that my lake cabin stays in the family upon my death?

Answer: For those fortunate enough to have purchased a recreational property at one of our region's pristine lakes, inevitably the question becomes, "how do I keep this property in the family for my kids?"

Everyone seems to have their own horror story that relates to joint ownership of recreational properties. Perhaps the most effective way to ensure your property stays in the family for the next generation is to place it in a family limited partnership, a limited liability company, trust or similar entity to provide your heirs with the needed flexibility joint ownership requires.

Our team can assist you in recognizing some of the unique opportunities and limitations of each holding vehicle, and the issues affiliated with joint ownership of family properties. We can meet with you to discuss your available options and establish a plan to allow the next generation to spend their time enjoyin the lake property.

As originally printed in the Journal of Business - Spokane, in April 2010.