Quote:
Originally Posted by Juiced06GTO
I am living this type of situation now on our family cottage on Upper Suncook Lake. My grandparents purchased and built the cabin back in 1964. They set up a trust and an investment account to help with taxes (which are now extremely high). The trust was set up with their three kids named as the stakeholders, then their kids (7 of us my siblings and cousins) next in line. To dissolve the trust everyone has to agree on what happens.
Unfortunately, all of what people have said about usage, up keep, family feuds is true, contributions towards the investment account, etc. My father passed away early at 53 from cancer which further complicated ownership in the place because now myself and my two siblings are the stakeholders along with my aunt and uncle and everyone wants their own time there. Trying to schedule time to be there is a pain as everyone who is still around and wants to use it wants prime weeks during the summer and the place is not really big enough to accommodate everyone at once. I have tried setting up calendars for us to all schedule a week in on our own over the summer and things like that, but it really hasn't worked.
Financially I couldn't care less about making anything off the place, my three boys really enjoying going there when we can which is what kills me about potentially walking away from it all. The securing time and dealing with everyone involved has made trying to go there stressful, which it shouldn't be.
At the end of the day I have really just tried to put all the BS aside and get up to enjoy the place with my kids when we can. When the money runs out in the fund to help with taxes and maintenance I am not really sure who in the family is left that can afford it (taxes alone are 13k/year) aside from maybe me and one of my cousins who lives local, but doesn't ever utilize the place. I'd imagine at that point it will end up being sold and everyone will get their share of the money and go on their way. At that point I hope to have my own place for use with my family and friends. The whole situation really stinks because my grandparents wanted the place to be enjoyed by many generations down the line and did their best to try and make that happen, but with so many people at so many different places in their lives it is difficult.
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Terrific post. We are heading down the same road. Purchased in 66. We are the second generation and had to buy out the other half six years ago. Thinking ahead we would love to leave it too all three kids, but unsure how that will work. They can’t agree on what’s for dinner never mind maintenance required and tax payments. Understand the trust and investment need to pay the bills. But, as you note once the money is gone it will be sold. Difficult decisions all around. My idea is to give it to one child and allow all to enjoy. If the property is too much for one to handle then it should be sold and proceeds split.
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