What is the name of your state (only U.S. law)? NJ for owners, but property resides in NY
I currently own vacation land (woods, hunting, fishing with a camp/house on it) with 50%-50% ownership (me and my uncle) as tenants in common.
My uncle would like to soon change title on his interest to his 3 sons (at 16.6% each).
Our family all gets along well, and we all use and enjoy the property. But because this is the time to alter the deeds, we would very much like to protect the land...mostly from ourselves. By that, I mean protection from bankruptcy, divorce, partition, sale outside the family, a minimum property percentage allowed.
The land has a fair value, which presents another problem. If we ever sold the property to one another, we'd like to cap a maximum on the sale price. (at current fair market value, any of us would have considerable trouble coming up with the money to buy out any other)
So I have been investigating a few avenues: a land trust, an LLC, an S-corp, or even just ways to rewrite the deed as tenants-in-common but with clauses to cover our needs.
With the exception of just writing the deeds with clauses, everything else seems costly. I thought an LLC seemed to look like the best option (because we could write an operating agreement to cover everything we want), but annual fees and accountant costs seem to make this cost prohibitive.
Anyone have advice on what would make this work best with minimum ongoing maintenance costs?