We wrote the book on Cottage Law. Literally.
Stuart Hollander and David S. Fry explain why problems arise when a vacation home is passed on to the next generation and offer practical suggestions on how to address this problem.
The book covers how to incorporate succession planning for a vacation home into an estate plan and gives practical advice on such things as how to develop a cottage schedule, whether to establish an “endowment,” and how to allocate control between and within generations of owners. Learn more...
One Family. Different Ideas. How To Keep The Peace.
Simply leaving the cottage to all members of the next generation “in equal shares,” means that everybody has to agree on everything. Virtually every family will have members with varying views on “partial ownership” of the family cottage. Parents who don’t take these differences into account risk putting family members in a … Learn More...
The Family Cottage Brought Your Family Together
Home may be where the heart is, but a family’s most cherished memories are often held within the walls of the family cottage. Carefree days spent watching the children and grandchildren play and grow. S’mores. That first fish (and first “big fish” story). Whether a rustic … Learn More...
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December 9, 2015
Cottage Law Clients and Friends: Many of you have contacted me in the past and expressed interest in any new or potentially new legislation in Michigan regarding “uncapping” of property values for property tax purposes. As many of you know, the law in Michigan has been amended twice recently, and now provides that owners of Michigan property may transfer their ownership to certain close family relatives without the “uncapping” of property values that would … [Read More...]