Succession Planning for Family-owned Cabins
Mark B. Peterson
Spring 2012 Firm Newsletter
"Going to the lake" is a summertime ritual enjoyed by many Minnesota families. Memories of idyllic time spent with the family at the cabin, however, often give way to conflicts, especially as parents age and ownership, use, and upkeep of the cabin turn over to the next generation, which may involve multiple siblings (and in-laws). The changed dynamic and inherent complications of the differing expectations of multiple and multi-generational co-owners can create many problems for families as to how the cabin will be used in the future and how expenses and upkeep will be shared.