"This book discusses estate planning for family cottages and cabins. It includes advice on how to keep the peace among heirs, prevent a family member from forcing a sale of the property, keep the vacation home out of the hands of in-laws and creditors, and how to make a smooth transition of ownership from one generation to the next. This edition includes an expanded discussion of legal issues that might arise when renting out a family cottage or cabin on a short-term basis. It's also updated to reflect current tax and legal entity laws"--
Estate planning for family cottages and cabinsWhether you’re a parent planning to pass on a cottage to your children, an heir who has inherited a cabin with your siblings or other relatives, or simply someone who is thinking about buying a vacation home, you might want to consider how to best structure holding the property to ensure its use for future generations. This book offers advice on how to keep the property in the family, avoid family disputes over it, and create a structured plan for its operation, use, and upkeep. You’ll learn how to:
- Prevent a family member from forcing a sale of the property.
- Keep the property out of the hands of in-laws, interlopers, and creditors.
- Develop a legal structure to free yourself and your family from the business of ownership and allow you to actually enjoy your time at the property.
- Structure smooth ownership transitions from one generation to the next.
Saving the Family Cottage explores the problems that almost always arise when relatives with different interests, goals, needs, and financial situations jointly inherit a vacation home. It offers practical and executable advice for solving these problems and preserving this valuable asset for generations to come.
This book helps families preserve beloved vacation homes for the enjoyment of generations to come. It lets both owners and heirs know the steps they need to take to avoid family disputes over shared property, maximize the potential for enjoyment of the property, and ensure that the property remains a true asset—not a burden—for everyone involved.
