Saving the Family Cottage: A Guide to Succession Planning for your Cottage, Cabin, Camp or Vacation Home
Now published by Nolo, in Saving the Family Cottage, attorneys Stuart Hollander and David Fry explain why problems arise when a vacation home is passed on to the next generation (unequal wealth distribution among siblings and cousins being the usual culprit) and offer practical suggestions on how to address this problem. Hollander suggests how to incorporate succession planning for a vacation home into an estate plan and gives practical advice on such things as which entity is best for...
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Keep your vacation home in the family with the definitive guide to succession planning.Now published by Nolo, Saving the Family Cottage is written in plain English by estate planning and succession attorney-experts Stuart Hollander and David S. Fry, to help you plan to pass on your vacation home and keep it in the family. Complete with real-world examples and stories of cottage "wars" gone awry, this book breaks down the essentials for passing your cottage to the next generation.Find out how to:figure out which estate planning entity is right for you and your familydevelop a cottage scheduledeal with co-owners who fail to pay their assessmentsdecide whether to establish an endowmentallocate control between and within generations of owners
Your Cottage Companion 1Part I Cottages at Risk1 Trouble in Paradise 7Time for a Plan 10The First Step 122 Avoid the Worst: A Partition Parable 153 Plan for the Best: Cottage Succession Goals 25Founder Objectives 26Heir Concerns 28Shared Concerns 30Part II Choosing the Right Path4 How a Plan Helps Save the Family Cottage 355 No Plan? Then 600-Year-Old Law Controls the Cottage 45Tenancy in Common 46Nine Rules of Tenancy in Common 476 Other Animals in the Property Law Zoo 59Joint Tenancy 60"Indestructible" Joint Tenancy 63Tenancy by the Entireties 65Community Property 667 Short-Term Solutions 69Using Life Estates 70The Ownership Agreement 72Part III Cottage Plans in Action8 Choose the Right Legal Entity for Your Cottage 77Trusts and General Partnerships 79The Limited Partnership 81The Limited Liability Limited Partnership 82The Corporation 82The Close Corporation 83The S Corporation 85The Limited Liability Company 85Comparing the LLC to the Pretenders 87The Big Picture 889 Welcome to the Club 91Who Is in the Cottage Club? 92The Branch Concept 9610 When and How to Organize the Cottage LLC 103Now: The Immediate Cottage LLC 104Later: The Springing Cottage LLC 106The Mechanics of LLCs 108The Role of the Attorney 11511 The Cottage Safety Valve 119The Put Price 120The Discount 123The Put Terms 12512 Cottage Democracy 129Member Management 130Using Managers 13113 Scheduling and Use 137Kinds of Sharing Systems 138Creating a Fair and Sustainable Cottage Sharing System 139Cottage Users 14414 Renting the Cottage 149Is RentalPermitted? 151Rental Operations 152Who Is the Landlord? 154Liability 155Part IV Creating a Cottage Legacy15 Minimizing the Federal Tax Bite 163Death, Taxes, and Cottages 164The Price Tag on Cottage Units 175Appraisals and IRS Reporting 17716 The Ultimate Gift: A Cottage Endowment 179What Is an Endowment? 180How Is an Endowment Established? 181Size of the Endowment 183How Do Heirs Feel About an Endowment? 184The End of the Endowment 185How an Endowment Is Used 186How an Endowment Is Managed 186G Glossary 189B Bibliography 195A Appendix: Table of Contents Cottage Limited Liability Company Operating Agreement 205Index 209
