2. The Family Summer Home is
Where We Go to Visit Our
Roots, Relax and
Remember.....
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17. So How Can We Keep It
For the Kids and Their Kids?
Choice of Entity
Trust LLC
Strong Rules Succession Plan Tradition New Flexible Living Rulemakers
18. LLCs
Your Own “Country Club”
P The Operating Agreement Sets the Rules
P Members and Memberships
< Could “Spring” at Birth
< Expire at Death
P Managers - Like a Board of Directors
< Initially Present Parents
< Later Generations When Parents Step Aside
< Control the Cabin - Make “the Rules”
19. Articles of Organization
Operating Agreement
Who is Eligible for Membership?
Loss of Membership
How are Managers Selected?
Terms of Managers
20. Managers Decide
Duty of Fair Dealing
Who Can Use?
When? (Schedule)
Occupancy Costs
Budget
Improvements
Sale, Mortgage Rental
Discipline, Maintenance
