Transferring treasured property to the Next Generation.
What do businesses, cabins and farms all have in common? In many families they are treasures which families want to preserve and pass down to younger generations. At Yanowitz Law Firm we advise families on ways to smoothly transfer the family farm, business, or cabin within a family. Furthermore, we can discuss the benefits and detriments of selling or gifting such property and whether it is better to transfer the property during the owner’s lifetime or at death.
We advise families on how they can protect their property from a medical assistance spend down.
Frequently, when a family member is ill, there can be a concern that the family farm or cabin will have to be sold in order to pay for medical care. As a result, our attorneys can suggest techniques to prevent this property from being subject to a medical assistance spend down, and preserve it for the next generation. Additionally, we also counsel couples on ways to structure these transactions to reduce tax liabilities and increase asset protection.
We help family businesses plan for the future.
Often family businesses have one or more children who work in the business and others who do not. Therefore, we can discuss techniques to appropriately reward and motivate the child who is working hard in the business, and at the same time treat the other children fairly.
We help our clients protect what matters most with cabin and farm LLCs and trusts.
We set up cabin LLCs and trusts for our clients to help protect the property and manage how the cabin will be maintained and used. This promotes family harmony and ensures that the property will be passed down for the enjoyment of future generations.