Download PDF Saving the Family Cottage: A Guide to Succession Planning for Your Cottage, Cabin, Camp or Vacation Home
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Saving the Family Cottage: A Guide to Succession Planning for Your Cottage, Cabin, Camp or Vacation Home
Download PDF Saving the Family Cottage: A Guide to Succession Planning for Your Cottage, Cabin, Camp or Vacation Home
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About the Author
David S. Fry is a Michigan attorney whose practice also focuses on real estate and estate planning, particularly succession planning for second homes. He is a fourth-generation cottage owner and regularly presents seminars around Michigan on how to keep a cottage in the family.Rose Hollander has spent more than 19 years working and living in the heart of Michigan cottage country. She was the legal assistant/paralegal in a law practice with her husband, Stuart Hollander, whose practice centered on estate planning to help families concerned about passing on vacation homes. Rose met with families, helped draft documents, and helped families administer the estate after a death.Rose graduated from Ithaca College. Before working as a legal assistant, she worked as a personnel representative for the Stanford Court Hotel and then as the assistant to the General Manager of the Four Seasons Clift Hotel in San Francisco. She then owned a catering business in Northern Michigan.Rose is a Great Books leader and chairman of the board of a large Montessori school, and is active on stage in community theater. She has published several essays about life "up north" and parenting.You can visit her website at http://www.cottagelaw.com.The late Stuart Hollander was a lawyer with more than 20 years' experience helping families plan for succession of their vacation cottages.
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Product details
Series: Saving the Family Cottage: A Guide to Succession Planning for
Paperback: 240 pages
Publisher: NOLO; Fourth edition (March 29, 2013)
Language: English
ISBN-10: 141331841X
ISBN-13: 978-1413318418
Product Dimensions:
5.1 x 0.5 x 9.7 inches
Shipping Weight: 11.2 ounces
Average Customer Review:
4.6 out of 5 stars
72 customer reviews
Amazon Best Sellers Rank:
#366,626 in Books (See Top 100 in Books)
A "must" read for anyone who wants to see a piece of family property be passed on without problems. NOLO is known for its readable, legal titles and this one is no exception. Blending clear explanations of the possible legal options as well as noting the strengths and weaknesses of each, the book will help you decide the best route for your circumstance. Stories illustrate their points, making it very down-to-earth. The book will also guide you through the discussions that you need to have with your family in order to set something up.By the end of the book we had begun drafting an outline of directions for our descendants using their examples. Yes, it is work to do this but in the end we are saving our family from dissension down the family line in the future. Also, when we go back to our lawyer we will have a working document that should save him time and us money.
Basically, you will set up a corporation without the formal legal incorporation process and the beneficiaries are “shareholdersâ€. A lawyer friend loved it and set up his will using this method. Well, he is a lawyer, so no surprise that he liked the idea. My mother, who is not a lawyer and for whom I purchased this book, hated this concept because the she felt the penalties for a shareholder/beneficiary in the “corporation†not paying his or her way were rather draconian. I liked it though. You decide.
This book covers a constellation of often difficult-to-face issues that need to be considered in developing a plan for preserving a beloved property. It also acknowledges, using familiar situations from real life, the hard truth that heirs are bound to have differing perspectives on the vacation home. It discusses strategies to soften the potential conflicts that can serve to sour family feelings and destroy any pleasure in owning and visiting the vacation home.The LLC as a solution has become, by now, a familiar tool when it comes to family ownership of a vacation home. Rated 4 instead of 5 stars because a new edition might be needed to address the problems that growing families (children/grandchildren of the "founders") continue to encounter even after an LLC agreement is in effect. Cross-border issues (US-Canada), can become complicated, rising expenses/property taxes can deplete the "ultimate gift" of an endowment faster than expected, and strategies for protecting an existing endowment or even replenishing and/or enlarging an existing one can be explored, along with the potential tax and other implications of such strategies.
Read this book before you pay a lawyer. THEN make sure your lawyer reads the book before you waste your money AND your relationships with any potential co-owners of a beloved family property. This book saved my family from a horrible pending leagal snarl which could have cost us thousands in dollars and untold emotional trauma to family relationships. Worth every penny. Everyone involved should own their own copy and highlight the parts that mean something to them. Then discuss, make a plan and THEN email it to your lawyer and all others concerned before you start paying the big bucks for the NECESSARY legalese!
There is much to be learned about structuring an LLC to govern the operation of and handing down ownership of a family owned vacation cabin/cottage and this book is good start. But one of the aspects I got tired of was the 'sales job' of introducing the topic. Then as the details began to unfold, I thought my eyes would roll back in my head with the fog of legalese of the last few chapters. It's probably just me because I haven't been able to keep up with my own attorney as far as understanding the topic and the process of implementing this for our cabin. The bottom line is that the book introduces the concept pretty well.
This paperback book was recommended by a highly respected lawyer in my state. The family summer house has been used and owned for 50 years and the ownership is devolving on to the third generation. How to create a plan to keep this beloved house in the family? This is not so easy to do with all the complexities of a big complicated family? This is the right book to study if this transition is going on in your family. You do not have to be a lawyer to understand this readable book. It could change your family life for generations to come
In an easy-to-read, helpful format, this book offers practical, specific advice for owners of family vacation homes who would like to see their children and grandchildren preserve these places and traditions of family fun and togetherness. We own a lake cottage in Minnesota, which we would like to see kept in the family. This book laid out a plan on how we might do that, with good advice on handling the legal, financial and family-dynamics questions that such a wish involves. The author explores all the pitfalls and possibilities in clear, concise language. Highly recommended!
This is a pretty comprehensive look at the inheritance issues surrounding the legacy of a property. This is REALLY GOOD ADVICE to avoid legal problems and most importantly FAMILY FIGHTS over the use of jointly owned property. This book will help you make good informed decisions.
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