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Levin: It is time to talk about the family cabin

Spend Your Life Wisely / September 29, 2019

By: Ross Levin, CFP®

“Too many parents make life hard for their children by trying, too zealously, to make it easy for them.” So said the 18th-century German statesman and author Johann Wolfgang von Goethe.

While his thought may be true, I often find the opposite occurring when it comes to estate planning. Because parents are often not open with their adult children about their parental intentions, or worse, because they want the kids to figure it out, chaos may ensue. Let’s look at a true Minnesota example. 

The family cabin tends to be a lightning rod for inheritance issues for a host of reasons. The cabin is not just a structure; it is an archive of fond memories. Unfortunately, when the cabin is left to the children, new memories are created that are usually not so fond.

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This article originally appeared in the Minneapolis Star Tribune on September 29, 2019.