What plan do you have in place for keeping your home, land or cabin in the family for the next generations? How do you deal with inheritance taxes, emotional aspects of family communication between members, and legal ramifications?
A workshop specifically designed to walk families through this process will be offered by Cook County Extension on Sept. 14 from 9 a.m. to 4 p.m. at the Cook County Senior Center.
This class is being offered to address intergenerational land transfer issues for either your primary residence or your cabin/ vacation property. The overall objective is to bring families together to discuss what makes for a successful transfer of a treasured property between one generation and the next.
This process involves three elements: family, a structure or business to carry on with management, and the legal aspects of land ownership.
Family members involved in successful transfers have communicated their vision, goals and feelings for the land with each other, they often work together to implement management strategies and they often have a plan in place for the transfer of the land. Attend this class to learn various tools to help plan for the successful transfer of property.
If you want to start that conversation with your family, this is an opportunity to talk with attorneys who have helped families make conscious decisions about the distribution of their property. Families that attend and determine the best plan for property transfer are more likely to succeed than a family that leaves the heirs or state to decide distribution issues after one’s death.
The cost of attending this all-day class is $100 per family or extended family. This cost includes two workbooks, a DVD and lunch. Having multiple generations attend this class together is encouraged. If you are a person with disabilities and require special accommodations, please let us know.
To register for this class or for more information, contact Cook County Extension at 218-387- 3015.
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