What to do with a partnership upon death?

[Amanda Bodine]

Hi!

My husband and I are looking to buy a STR beach house. My parents would like to buy it with us. We have already formed a LLC with a lawyer but we are stuck on what to do if myself and my husband or my parents die and the other party doesn't want to sell the property? If the property has gone up significantly in value is our only option a cash out refi and pay off the other person's trust or sale the property and split the proceeds with the surviving family trust? My parents would like to partner in buying it because a lot of the value will come from the appreciation and not just be silent investors. Any other ideas would be great! Thank you!

[Sean Constable]

@Amanda Bodine the LLC could own life insurance on the members and the death benefit could be used. Parents age/health could make premiums expensive. There should be an operating agreement which spells out exactly how its done