It's finally Cabin Season! In this episode of the podcast, David Ness and Adam Brown sit down to discuss estate planning strategies for cabins, family farms, condos, and other types of property and unique assets. As David said, the goal of planning is to avoid a mess, so he and Adam talk about ways to ensure that cabins and unique assets pass from one generation to another without the mess. Learn more about succession planning, co-ownership challenges and strategies, concerns about estate, gift, and capital gains taxes (including carryover basis), risk protection, liability, valuation and appreciation, controlling interests and ownership structures, payment considerations, cabin trusts, LLCs, revisions and amendments, and more. David talks about the important decision to transfer the property as part of a lifetime gift or as part of the estate after death. He also discusses the key strategy element: establishing a Cabin Fund.
