If your family owns a family cabin, a family business, or unique real estate, it is particularly important that your legal counsel understand your family’s objectives so as to assist you in implementing a plan most likely to achieve your objectives. Many of our client families who own unique assets grapple with very tough questions related to how these assets should be distributed following the death of the current owners. For example, if one adult child has been involved in the business or farm to a greater extent than his or her siblings, or has devoted significant “sweat equity” to the asset, is it fair that he or she receive the same amount of the unique asset, or a different amount? If two adult children live closer to a family cabin than a third adult child, and use it more frequently, is it fair to the “distant” third child to require him or her to pay the same amount of expenses of the family cabin?
By reason of our substantial experience in dealing with the legal, tax, family dynamic issues that arise with the ownership transition of these “family assets,” our firm is well-suited to assist many different types of families. We take the time necessary to understand your particular family and financial situation. We then summarize the tax and legal implications of a particular plan, as well as the implications it would have on your family relationships and dynamics. After taking into account the benefits and costs of each approach, we then assist you with a plan to achieve your objectives.