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.

 

[ianpadron]

Real estate guy here:

With your stated goals, your best bet is to have all parties draw up trust docs with your favorite RE lawyer and rock on.

As generations add up, tenants in common type ownership is a cluster of epic proportions if even one person with a fraction of an ownership interest decides they want to run their own play.

Put it in a trust, make everyone a beneficiary and then you skip all kinds of legal drama as people come/go

 

[wapitibob]

4 owners is a pain in the ass, been there, couldn't imagine 6-8 down the road.

 

[Lou432]

Handing down a family hunting camp from siblings to the next gen is smart, but joint deed ownership like tenancy in common can turn into a shitshow with disputes, uneven shares, or probate headaches. Here's the real deal

Go LLC hand down the winner. It's a simple entity where you deed the property to the LLC, and family members own shares flexible percentages, easy to pass down. Pros Shields personal assets from lawsuits e.g., someone twists an ankle, clear operating agreement spells out rule's usage, costs, buyouts, simpler transfers without probate. Cons: Minor setup fees $100-500 lawyer for the agreement and annual state filings $50. Perfect for keeping it in the bloodline without drama.

Skip nonprofit. That's for social clubs with dues/voting 501 c7, not private family stuff too much paperwork, IRS hoops, and no real perks here.

Tenancy in common? Nah, that's basically what you have now easy but no liability protection, and death means probate mess for heirs.

Hit up a local real estate lawyer hunting land specialists if possible for a custom op agreement. I've seen families save fortunes and relationships this way. Do it now before the handoff. Good luck keeping the tradition alive!