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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January 13, 2017
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The subject of property taxes on Michigan real estate, particularly vacation property, has received a great deal of attention lately. Because of recent changes in the property tax system in Michigan, it is now possible to transfer ownership of family vacation property from one generation of family members to the next without incurring the steep increase in property taxes that would otherwise result from such a transfer. There are many conditions and … [Read More...]