Saving the Family Cottage : A Guide to Succession Planning for Your Cottage, Cabin, Camp or Vacation Home
by Hollander, Stuart J.Format: Paperback
Pub. Date: 2007-07-15
Publisher(s): Partners Pub Group
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Summary
This book will help you keep your cottage in the family. Whether you are the parent planning to pass on the cottage to your children, the heir who now has inherited a property you are sharing with others, or you are thinking about acquiring a vacation property for the benefit of future generations, this book will tell you how to: Prevent a family member from forcing the sale of the cottage. Keep your cottage out of the hands of in-laws and creditors. Develop a legal structure to take care of the "business" of ownership, freeing you and your family to enjoy your precious time at the cottage. Make a smooth transition from one generations, ownership to the next. Create an endowment that helps your descendants afford to keep the cottage. The author explains the problems inherent in vacation home ownership and offers solutions for families who wish to preserve this valuable asset for generations to come. Book jacket.
Table of Contents
| Foreword | p. ix |
| Introduction | p. xi |
| Terminology | p. xv |
| Author's Note | p. xvii |
| Cottages at Risk | p. 1 |
| Trouble in Paradise | p. 3 |
| Avoid the Worst: A Partition Parable | p. 9 |
| Plan for the Best: Cottage Succession Goals | p. 17 |
| Choosing the Right Path | p. 23 |
| How a Plan Helps Save the Family Cottage | p. 25 |
| No Plan? Then 600-Year-Old Law Controls the Cottage | p. 35 |
| Other Animals in the Property Law Zoo | p. 49 |
| Short-Term Solutions | p. 59 |
| Cottage Plans in Action | p. 65 |
| Choose the Right Legal Entity for Your Cottage | p. 67 |
| Welcome to the Club | p. 81 |
| When and How to Organize the Cottage LLC | p. 93 |
| The Cottage Safety Valve | p. 107 |
| Cottage Democracy | p. 117 |
| Scheduling and Use | p. 125 |
| Renting the Cottage | p. 137 |
| Creating a Cottage Legacy | p. 149 |
| Minimizing the Federal Tax Bite | p. 151 |
| The Ultimate Gift: A Cottage Endowment | p. 167 |
| Conclusion | p. 177 |
| Glossary | p. 181 |
| Notes | p. 189 |
| Bibliography | p. 207 |
| Acknowledgments | p. 217 |
| Appendix | p. 221 |
| Index | p. 224 |
| Table of Contents provided by Ingram. All Rights Reserved. |
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