Family Legacy Property Entity

[fwafwow]

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.

This is a pretty decent article - https://www.forbes.com/sites/debora...bin-private-retreat-or-isolated-battleground/ (but even Forbes has typos).

As others have pointed out, the practical aspects are the biggest challenges. Family harmony, a source of money to cover the costs, procedures to handle usage, repair, improvements, etc. I worked with someone who spent lots of time (and money) on the structure, only to learn afterwards that the children did not view the property the way the parents do. It was a case in which the mother and father were projecting their hopes to an audience with different challenges and life situations. In another case, the family property is what binds the broad family for multiple generations. But it won't last forever.

As for the structure, it can be an LLC/LLP, a trust - or both. IMHO - don't do a QPRT.

Hire a good T&E attorney (a CPA also could help, but you can't implement without only the CPA), and remember that you get what you pay for.

 

[P Carter]

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.

https://www.amazon.com/Saving-Family-Cottage-Succession-Planning/dp/1413328261/ref=asc_df_1413328261?mcid=9e559a71406f36048a27cf91528736b3&hvocijid=2210940655846382805-1413328261-&hvexpln=73&tag=hyprod-20&linkCode=df0&hvadid=721245378154&hvpos=&hvnetw=g&hvrand=2210940655846382805&hvpone=&hvptwo=&hvqmt=&hvdev=m&hvdvcmdl=&hvlocint=&hvlocphy=9029600&hvtargid=pla-2281435181738&psc=1