Legally Agreeing to Keep the Family Cabin a Happy Place (Mark B. Peterson quoted)
Moss & Barnett attorney, Mark Peterson, was quoted in the Star Tribune article, "Legally agreeing to keep the family cabin a happy place," which was written by Joe Albert and appeared in the "Outdoors" section on December 30, 2016. Excerpts from that article appear below:
"That was a good move, according to Mark Peterson, an attorney at Moss & Barnett law firm in Minneapolis, who helps clients manage and transition family owned properties.
'The LLC really forces people to sit down and think through what it is they are going to do, and do so at a point before specific issues of contention arise,” Peterson said. 'You reach an understanding during the calm, rather than trying to address it when the storm is there.'
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Peterson owns a cabin, too, and extolled the virtues of LLCs for their simplicity to set up and the way they can be used to address common issues. Still, he urged anyone who owns a cabin to make some sort of a plan to ensure it remains the restful and peaceful place it was meant to be.
'Whether you set up an LLC or have a trust, when you have joint ownership among family — particularly among the second and third generation — everyone should have a written document that lays out how it’s going to operate,' he said. 'When mom and dad are out of the picture, a lot of unspoken frustrations and what have you can come out. And that’s really tragic.'"