PSDBowhunter
Lil-Rokslider
Does anyone have experience with a Family Legacy Property that is passed down through the generations? If so, what entity owns the property? Is it in Trust, Family Limited Partnership, LLC, something else?
I've done a good amount of research and there are pros and cons to each. Does anyone have any first hand experience/advice?
We have a property in the mountains that is currently in my mom's name. We purchased it after my dad passed as a place for us to hunt and be together as a family. My desire is that is passes down through the generations to my kids some day and then their kids.
I know that passing things down through generations can be very difficult. I'm trying to lay the best foundation with how things are set up and then get them more and more involved as they grow older. Hopefully they want to use the property and care for it as much as I do.
I've done a good amount of research and there are pros and cons to each. Does anyone have any first hand experience/advice?
We have a property in the mountains that is currently in my mom's name. We purchased it after my dad passed as a place for us to hunt and be together as a family. My desire is that is passes down through the generations to my kids some day and then their kids.
I know that passing things down through generations can be very difficult. I'm trying to lay the best foundation with how things are set up and then get them more and more involved as they grow older. Hopefully they want to use the property and care for it as much as I do.