I kept a copy of Ross Levin’s Star Tribune article from 2019, made a pdf of it, wrote a personal note on it and sent it to our kids.
The article states correctly “The cabin is not just a structure, it is an archive of fond memories.” How true. Whenever we get together as a family the cabin comes up in conversation usually with a funny story of something to this day we all recall with great joy.
The author goes on in the next sentence and says “Unfortunately, when the cabin is left to children, new memories are created that are usually not so fond.” This caught my eye and I continued to read and upon finishing the article I printed, scratched out my note and sent it to both of the kids.
Cabins are great family places but when it comes time for the next generation Ross suggests sitting down for a family meeting to find out what everyone thinks about it long-term. Do they want to own it, will they use it, who pays the bills and the really big one – who will open it up, shut it down and maintain it? With families spread across the country many of the next generation may not have the time to enjoy let alone take care of a cabin. Cabins are work, a lot of work but for my wife and I it is not work but a love of being on the lake in the summer.
The article also points out that when the next generation is involved not only does it include your children but also their significant others who may not have any attachment to the place. Things are getting complicated.
Here’s the part I underlined in the article “First, let the kids know that if you don’t sell the cabin before you die, that you give them permission to do so.” In our case with a large capital gains my note said… to wait until our demise and then the basis will step up and they can sell and owe no taxes….Love Dad.
While waiting for a break in this season’s early snowfall I am hoping for one more trip up to the lake to rake some of those leaves before the real winter sets in.
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