Carlson Capital Management

Integrated Wealth Management

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Have You Considered the Future of Your Family Cabin?

Jason Kley – Carlson Capital Management
Jason Kley, CFP®, AIF®, MBA

Senior Integrated Wealth Advisor, Director of Operational Excellence
952.230.6705
Email Jason

  We are privileged to walk alongside our clients to help them achieve their financial goals and objectives.  

Professional Biography
Jason Kley is a Senior Integrated Wealth Advisor and the Director of Operational Excellence at Carlson Capital Management. As a Senior Advisor, Jason partners with clients and their families providing the firm's fully integrated wealth management experience including investment management, retirement modeling, estate, philanthropic and educational planning and all other aspects of general financial planning and client care. In this role, Jason also connects clients with the firm's specialists for overall portfolio management as well as direct access to expertise in areas such as tax planning and insurance analysis. In addition, Jason is a member of the firm's investment committee, helping to advise on investment practices and strategies. Jason also serves as the Director of Operational Excellence, driving operational consistency in and across advice teams to help ensure proper application of fiduciary standards and risk controls and a high standard for the client experience within the firm.

Jason holds a Bachelor of Arts degree in Math and Computer Science from the University of St. Thomas where he graduated magna cum laude in 1998. He went on to earn an MBA with an emphasis in Finance and Strategy from Washington University in St. Louis. As a graduate student Jason was recognized for his strong leadership in being named a Leadership Fellow and Dean’s Special Service award recipient. Jason holds the Certified Financial Planner™ designation granted through the Certified Financial Planner Board of Standards, as well as an Accredited Investment Fiduciary professional designation, awarded by the Center for Fiduciary Studies.  The AIF designation affirms the highest in fiduciary standards of care for CCM clients.

Before joining the CCM team, Jason worked for a Minneapolis wealth management firm where he served as a financial advisor, investment committee member, and 401k plan specialist. Prior to that, Jason worked for Thrivent Financial and Union Pacific, serving in business analyst and strategic operational roles.

Jason serves on the Minnesota Jump$tart Board, which is an organization focused on advancing financial literacy for youth. He is also a member of the Children's Minnesota Foundation Legacy Advisors. In addition, Jason volunteers his time through the Financial Matters program of BestPrep, speaking to high school and college students about financial principles, Angel Foundation, and Urban Ventures. Jason previously served on the Financial Planning Association of Minnesota Board and was President of the organization in 2018. He is a past member of the Minneapolis Regional Chamber of Commerce DRIVE Emerging Leaders Board, BestPrep’s Minnesota Business Venture Advisory Committee, and the City of St. Louis Park Police Advisory Commission. Jason was awarded the BestPrep Volunteer of the Year in 2016 and named the Minneapolis Chamber of Commerce Emerging Leader of the Year in 2009. He has been featured in various publications including Minnesota Business, the Minneapolis-St. Paul Business Journal, and the Minneapolis Star Tribune.

Outside of work, Jason enjoys spending time with family, outdoor activities, and traveling. Jason, his wife Sheila, and their two sons reside in Eden Prairie, Minnesota.

Personal Thoughts
With each passing year, I find that I am placing an increased emphasis on being focused. On the surface, having focus seems to run counter to the priority our society places on multi-tasking. In reality, the more focus one has—the more efficient they really are. When I’m able to focus on a conversation, I can understand more clearly and develop relationships through more attentive listening. When I am truly engaged with someone, it means putting down my mobile device, listening, and asking questions. If I’m focused on a project, I’m more effective, I’m learning more and am producing better outcomes. As I am playing with my children, I’m focused on inspiring their creativity and teaching them life lessons. Nothing else matters at that moment in time. Focus allows me to prioritize the things that are important in life, and allows me to drown out the noise that I cannot control. Focusing on things that are important forces me to move beyond the things that are not.

I enjoy working with our clients at CCM and I appreciate the opportunity to focus on what I can do to help them meet their goals, and allow them to focus on what matters most to them.

Jason and other members of the CCM Advisory Team regularly post articles of interest on financial planning which you can find here.

Jason Kley
Jason Kley, CFP®, AIF®, MBA
Senior Integrated Wealth Advisor, Director of Operational Excellence

Cabin season is here! It is the time of year when roads fill up on Fridays and Sundays as people trek to and from cabin getaways. Some of my fondest memories growing up were spending time at my aunt and uncle’s cabin navigating the boat with my grandpa and cousin for the hot fishing spots. The fish tales made their way to the eulogy I gave for my grandpa a few years ago. When my kids were younger, my wife and I would rent a cabin every year over the Fourth of July. After a brief hiatus to explore other parts of the country, this year we resumed renting a cabin to create the same types of memories for our kids that we had growing up.

Whether you call it a cabin, cottage, or second home, it’s not just an asset, but rather a box full of memories. This can add complexity when deciding how to transfer ownership of the cabin due to death, disability, or simply having the memory box at capacity.

The first step in considering the transfer of cabin ownership is to have a family conversation to determine whether anyone is interested in keeping the cabin within the family. If a child is interested, is that child willing to own the property instead of some other inheritance? Is the interested child in a position to pay ongoing expenses and provide maintenance for the cabin? If multiple children are interested, do the siblings get along and could they be co-owners of the cabin? The sooner these questions are addressed, the more time there will be to put a plan into place.

Once you decide upon future ownership of the cabin, there are numerous strategies that can be implemented depending on your desires:

  • Outright Gift or Sale: Transfer the title of the cabin through a gift or sale.
  • Limited Liability Company: Transfer partial ownership over time and create a maintenance fund for the recipient of the cabin.
  • Revocable Trust or Transfer on Death (TOD) Deed: Facilitate the transfer upon death to avoid probate for the cabin.
  • Irrevocable Trust: Transfer the cabin outside of your estate, which may force you to “pay rent” for usage of the cabin in exchange for potentially saving on estate taxes.

All of these scenarios could have various tax implications for you. If you are contemplating transferring ownership of a cabin, it is important to also integrate it with your overall estate plan. With potential changes for estate taxes and capital gains taxes on the horizon, a cabin may be a good asset to shift out of your estate for future generations to continue creating lasting memories.

Please contact your CCM advisor should you have additional questions about cabin ownership and your overall wealth transfer strategy.


INTERESTED IN READING MORE ON THIS TOPIC? Look for the sixth edition of Saving the Family Cottage by Stuart J. Hollander, Attorney, Rose Hollander, and Ann O’Connell, Attorney, at your local library or bookstore.


NOTE: The information provided in this article is intended for clients of Carlson Capital Management. We recommend that individuals consult with a professional adviser familiar with their particular situation for advice concerning specific investment, accounting, tax, and legal matters before taking any action.

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Published July 22, 2021 Topics: Estate Planning, Family Meetings

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