~ Be proactive and save your family vacation home, lake home, cottage, vacant hunting land, or second home from being a source of future family conflict with a “Cottage LLC”~
Often times people with vacation homes, lake homes, cottages, cabins, vacant hunting land or second homes like you decide to pass such properties along to their children or other family members. Once that decision is made, the question inevitably arises: How do I do that?
At Seidl Law Offices, LLC, we can make the transfer of your vacation home, lake home, cottage, cabin, vacant hunting land or second home easier, and in a manner that helps you and your children and family members avoid future legal problems by creating a “Cottage LLC.”
A sampling of the problems that can arise without a Cottage LLC:
- How to transfer ownership to multiple family members?
- What will happen when conflicts arise between the family members concerning the usage, maintenance and costs of the property?
- How will the family members make decisions concerning the usage, maintenance and costs involved with multiple owners of the property?
- How will the family member-owners share the costs and expenses of the property?
- How will the family member-owners share possession or usage of the property?
- How will the family member-owners share the maintenance responsibilities involved with the property?
- Will Family member-owner #1 be personally liable for injury or damages sustained by the friend or acquaintance that Family member-owner #2 brought to the property as a guest, after the guest injured him or herself as the result of alleged negligent maintenance of the property?
- How will issues such as the following be resolved without any legal document in the form of an agreement between the family member-owners:
- Family member-owner #1 wants to put on an addition to the property
- Family member-owner #2 also wants the addition, but cannot afford to contribute any money towards the project
- Family member-owner #3 never uses the property because he/she lives in another state and rarely comes to Wisconsin and, therefore, rejects the idea
- Family member-owner #4 has fallen on hard times and wants to sell his/her ownership interests to the others, but they don’t want to or cannot afford to buy Family member-owner #4’s interest
The solution is to retain Seidl Law Offices, LLC to set up a Limited Liability Company for your family vacation home, lake home, cottage, vacant hunting land, or second home. By doing so, we transfer ownership of the property to the family vacation home / cottage / cabin / lake home / hunting land LLC. Then we prepare an Operating Agreement – a very specialized Operating Agreement – which the Managing Members of the LLC sign, setting forth the rules under which the family members own, use, maintain and fairly pay the expenses of the family vacation home, lake home, cottage, cabin, vacant hunting land, or second home. A “Cottage/Cabin LLC,” “Lake Home LLC,” “Vacation Home LLC,” or “Vacant Hunting Land LLC” allows you to easily transfer part ownership in your property to multiple family members now OR in the future, and provides you and your loved ones with limited liability against claims by third parties. Let Seidl Law Offices, LLC help guide you in your succession planning for your cottage, cabin, lake home, camp, vacation home or hunting land.Call Seidl Law Offices, LLC now for a FREE consultation at (715) 365-9008!