Camp Ownership. Structure

[Madstop14]

Friend of mine had a similar situation. His father inherited a camp and the family grew up there. When he passed, it was left to him and his two sisters. They all get along great now but each sibling has 2 kids. They sat down and had a trust drawn up, basically staying what you are thinking. Each has a share and a responsibility, if they want out, no hard feelings but you just walk away and get nothing. I believe that if it is ever sold, all the siblings get a percentage but no one can force a sale. There are ways to do it fairly and equitably, talk to your family and have a lawyer draw it up. It was a short, easy thing to get together.

 

[Jakerex]

Never get advice from a forum that should come from a lawyer.

You're right, 100%. I was just looking for some like-minded folks that have structured their camp as a Trust, Not-For-Profit, LLC, etc., and their reasoning why, so I could gain some knowledge in the area. Figured this would be a good place to those types of people.

 

[Jakerex]

Friend of mine had a similar situation. His father inherited a camp and the family grew up there. When he passed, it was left to him and his two sisters. They all get along great now but each sibling has 2 kids. They sat down and had a trust drawn up, basically staying what you are thinking. Each has a share and a responsibility, if they want out, no hard feelings but you just walk away and get nothing. I believe that if it is ever sold, all the siblings get a percentage but no one can force a sale. There are ways to do it fairly and equitably, talk to your family and have a lawyer draw it up. It was a short, easy thing to get together.

Yeah, that's what I'm thinking. Thanks!

 

[Jakerex]

So the two other owners are okay with busy walking away and getting nothing if their kids don't want their share?
After all those years, work, time, and effort, they'll just walk away?

Yes. Two have done it already, and the other two, yes, that is their intention.

 

[fngTony]

Talk to an estate attorney. Trust me we did for our property and had my in laws do the same. Also watched all hell break loose with my step family who basically had something written somewhere that no one could find. Hear say doesn’t override state laws. Unforeseen circumstances are messy and so is the executor of the estate passing from cancer when everything is up in the air. You need something set up so that if an unexpected event happens to an owner then it’s documented as to what happens. You don’t want to do this after the fact because it will fall into state arbitration.

The most likely problem is an owner has financial problems and that asset gets seized or a lean on it.

Oh, if there is an easement for access those are typically void with change in ownership

 

[Hnthrdr]

Watching a similar situation, real time with my in laws ranch. I like your plan. Need to set hard and fast rules/ guidelines / love how it’s either you get to come hunt or you can not be apart of it. Way too many cool properties fall to someone leaving something to a kid that wants nothing to do with it and ruins it for the rest of the family. I would pay a lawyer a trust sounds reasonable, not sure the size of the place, but a conservation easement can be a giant tax deduction if you have a big tax bill coming and it can outline a lot of things that make the place pretty much a hunting property for forever and discourage sale…

 

[ozyclint]

Continue to pass it down as long as family can. Someday, there may be nobody that wants it, and then the current members at that time can decide to sell.

Hmmm, so if you want out you have to leave with nothing, except if you're lucky last, in which case you can sell it.

Sounds like a raw deal again.