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