Saving the Family Cottage: A Guide to Succession Planning for Your Cottage, Cabin, Camp or Vacation Home

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This book will help you keep your cottage in the family. Whether you are the parent planning to pass on the cottage to your children, the heir who now has inherited a property you are sharing with others, or you are thinking about acquiring a vacation property for the benefit of future generations, this book will tell you how to: Prevent a family member from forcing the sale of the cottage. Keep your cottage out of the hands of in-laws and creditors. Develop a legal structure to take care of the "business" of ...
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Saving the Family Cottage: A Guide to Succession Planning for Your Cottage, Cabin, Camp or Vacation Home

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Overview

This book will help you keep your cottage in the family. Whether you are the parent planning to pass on the cottage to your children, the heir who now has inherited a property you are sharing with others, or you are thinking about acquiring a vacation property for the benefit of future generations, this book will tell you how to: Prevent a family member from forcing the sale of the cottage. Keep your cottage out of the hands of in-laws and creditors. Develop a legal structure to take care of the "business" of ownership, freeing you and your family to enjoy your precious time at the cottage. Make a smooth transition from one generations, ownership to the next. Create an endowment that helps your descendants afford to keep the cottage. The author explains the problems inherent in vacation home ownership and offers solutions for families who wish to preserve this valuable asset for generations to come.
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Product Details

  • ISBN-13: 9780979359620
  • Publisher: Pleasant City Press, LLC
  • Publication date: 7/15/2007
  • Pages: 230
  • Product dimensions: 6.00 (w) x 9.00 (h) x 0.70 (d)

Table of Contents


Foreword     ix
Introduction     xi
Terminology     xv
Author's Note     xvii
Cottages at Risk     1
Trouble in Paradise     3
Avoid the Worst: A Partition Parable     9
Plan for the Best: Cottage Succession Goals     17
Choosing the Right Path     23
How a Plan Helps Save the Family Cottage     25
No Plan? Then 600-Year-Old Law Controls the Cottage     35
Other Animals in the Property Law Zoo     49
Short-Term Solutions     59
Cottage Plans in Action     65
Choose the Right Legal Entity for Your Cottage     67
Welcome to the Club     81
When and How to Organize the Cottage LLC     93
The Cottage Safety Valve     107
Cottage Democracy     117
Scheduling and Use     125
Renting the Cottage     137
Creating a Cottage Legacy     149
Minimizing the Federal Tax Bite     151
The Ultimate Gift: A Cottage Endowment     167
Conclusion     177
Glossary     181
Notes     189
Bibliography     207
Acknowledgments     217
Appendix     221
Index     224
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Customer Reviews

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Sort by: Showing all of 2 Customer Reviews
  • Anonymous

    Posted February 24, 2008

    A reviewer

    You were gong to leave the cottage to your children in shares? What a way to end family harmony! This terrific book explains why you should put the cottage in an LLC and set up the arrangements so those children who want to use it will be able to do so harmoniously!

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  • Anonymous

    Posted July 10, 2010

    No text was provided for this review.

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