A common theme in estate planning here in lake country involves what to do with the family cabin. Two frequently utilized options are a family cabin in a trust or limited liability company (LLC). Each method, as an estate planning tool, has its pros and cons depending on the specific circumstances.
When developing an estate plan, I often hear clients say, "I need a trust because I want to avoid that probate thing."
A buy-sell agreement is typically associated with the ownership of a small business. As the name might imply, a buy-sell agreement defines the terms under which an owner of a business can buy out or sell out to others - other owners, third parties, etc. With multiple owners, an up-to-date buy-sell agreement can give a good estimate of the value of the small business.