David S. Fry, Stuart Hollander and Rose Hollander 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. Each family has different needs, resources, objectives and concerns, and the plan for their cottage must be tailored to fit their circumstances and meet their requirements.
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.
The book is written in layman’s terms for the vacation home owner. But, it also contains information that will be useful to attorneys and financial planners.
