The family cottage is a place for fun and relaxation in Michigan. For many, the family cottage becomes the meeting place for generations and where lifelong memories are made. As a result, it’s often the intent of the owner to pass the cottage on to future generations to enjoy. Unfortunately, challenges such as high property taxes and family disputes can prevent that from happening. These obstacles can be overcome through careful cottage succession planning.
If you own a cottage in Michigan, our Cottage Law team can help you think through the issues and take the actions necessary to create a cottage plan.
A cottage plan usually addresses the concerns through the creative use of a limited liability company (LLC) or a trust to own the property. Properly crafted, the LLC’s operating agreement or a trust agreement covers such topics as:
- Who can own a share of the cottage
- Who pays to maintain it (and what happens if they don’t)
- Who gets to use it and when
- How to make future decisions regarding the property
- How to respond when an owner wants to get out of the arrangement for any reason
Ready to secure your cottage for the enjoyment of future generations? Here’s how to move forward:
- Contact Mark Kellogg, an experienced cottage law attorney, to set up a consultation to discuss your objectives. You can reach Mark at mkellogg@fraserlawfirm.com or 517.377.0898.
- Once your objectives are clear, Mark will work with your family to create a cottage plan that addresses your needs.
- Upon completion, the cottage plan will be implemented. We will handle all the details so you will have peace of mind knowing that your family will be able to enjoy the family cottage for generations to come.
We look forward to working with you. If you have any questions, please feel free to contact Mark Kellogg.
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