WebCottage owners are often anxious to preserve the cottage for future generations to ensure its continued enjoyment by children and grandchildren. There are a number of issues involved in cottage succession planning, the most prominent of which are taxation and mode of future ownership. This article will explore each of these issues and outline ... WebFeb 15, 2024 · The goal of cottage succession planning is to set up legal ground rules that provide the best chance to keep a cottage in the family for future generations. A cottage plan usually addresses concerns through the creative use of a limited liability company (LLC) to own the property. Here are ten reasons why you and/or your family may want to ...

Sterling Law - Cottage Succession

WebMay 11, 2016 · Proper cottage succession planning can alter the course of that metaphorical storm on the horizon. We can help. Call Matthew at 519-780-4171, for a … WebFamilies should consider alternatives in their planning to possibly utilize a cottage trust as the planning tool given the change in the Michigan law. Dan Penning is the founder of The Penning Group, with an office in Suttons BAy. He is a nationally recognized expert in cottage law and succession planning for family legacy assets. electric dryer outlet converter

Cottage Succession Planning - O

WebProper succession planning for these assets requires knowledge of property, tax and estate law, but also practical client counselling skills. This program, with experienced estates lawyer Peter Lillico, will provide a real-world guide to the challenges and solutions available to successfully keep a cottage or recreational property in the family ... WebCottage Succession The “Cottage LLC” is an estate planning tool useful for joint ownership of your real estate after your death. When you own a cherished lake cottage or hunting lodge, don’t just leave it to your multiple children as part of your estate. Your children would inherit the property as tenants in common. The late WebCottage Succession Planning involves developing a succession plan to pass the family cottage to children and future generations for their shared use and enjoyment. A succession plan is designed to protect the owner, family members and the cottage property from threats of a forced cottage partition lawsuit and to establish equitable rules … electric dryer plug adapters