Ranch Succession Lawyer & Cabin Transfer Attorney – How to Keep Property in the Family
Montana Succession Planning Attorneys for Family Ranches & Cabins – How Does the Firm Help with Succession Planning Involving a Family Ranch or Cabin?
As experienced Montana estate and succession planning attorneys, a huge aspect of succession planning in Montana that we regularly encounter relates to family ranches and cabins. Many families have what we will refer to as an heirloom property – something they truly want to remain in the family for generation after generation. They never really want that asset sold, or even possibly sold, by a later generation.
Entity Formation & Irrevocable Trusts for Montana Succession Planning
In these types of situations, our dedicated Montana estate planning lawyers typically use entity formation (e.g., the creation of a corporation) to distribute shares to all the family members, making it very difficult for any one family member to have enough control to sell the asset.
Alternatively, we can move that asset into an irrevocable trust. Once the ranch or cabin has been transferred to an irrevocable trust, it kind of does what it says on the tin, it’s an irrevocable transfer.
The family members in that trust really have no legal basis for selling it without potentially going to court and begging permission, which the judge is not going to easily grant unless it is the only possible option out of a long list of options.
Can A Ranch Be Sold If It Was Transferred to an Irrevocable Trust?
An irrevocable trust will typically protect a ranch, hunting camp, or cabin; however, as experienced Montana succession planning lawyers, we have seen properties sold out of irrevocable trusts. For example, we have witnessed properties being sold if there are no heirs left or because some emergency happened, requiring a ranch to be sold to pay for medical expenses.
In most situations, however, an irrevocable trust is going to protect the asset for generation after generation. And, again, your kids and grandchildren will be able to enjoy that asset for generations to come.
