My parents are in a position that they may have to file bankruptcy (in Minnesota).

They need to be VERY careful to not have it be a fraudulent conveyance.  For example,. if they transfer the cabin to one of the kids, the trustee can get a judgment against the kid and then sell the cabin, but probably for a lot less at a sheriff sale than the amount of the judgment and the kid would owe the difference.  And the parents could risk not having their debts discharged in the bankruptcy (not to mention a criminal charge).  I don't mean to scare you, but this is not a place to play around.  There are ways to achieve what you desire, but only after a pretty careful consideration of the facts.  My advice, get them to someone who is wiling to help walk them through the options in a no cost consultation.  We provide those as do many other reputable bankruptcy firms.