Estate planning for family cottages and cabins

No matter whether you're planning to pass on a cottage to your children, or you've inherited a cabin with your siblings, it's never too early to take steps to preserve a beloved family property for generations to come. Shared ownership of vacation property--especially when the co-owners are family members--can be fraught with problems. The idyllic dream of a cottage getaway can be shattered when co-owners' emotions, financial concerns, and opinions on how the property should be used come into play.

Fortunately, a solid plan that dictates how the property will be owned and managed can prevent squabbles over the family cottage. Saving the Family Cottage lays out a roadmap for creating and implementing this plan. It also explains the possible pitfalls of co-owing a family vacation property, and provides time-tested guidance on how to:

• keep the peace among heirs
• prevent a family member from forcing a sale of the property
• keep your vacation home out of the hands of in-laws and creditors, and
• smoothly transition ownership of the property from one generation to the next.

The sixth edition includes an expanded discussion of legal issues that might arise from renting out a family cottage or cabin on a short-term basis. It's also updated to reflect current tax and legal entity laws.

Formato	Tapa suave
Número de Páginas	240
Lenguaje	Inglés
Editorial	NOLO
Fecha de Publicación	2021-02-23
Dimensiones	8.9" x 5.9" x 0.7" pulgadas
Número de Edición	6
Letra Grande	No
Con Ilustraciones	Si

O'Connell, Ann

Ann O'Connell is a legal editor at Nolo specializing in landlord-tenant and real estate law. Before joining Nolo as an editor, Ann was a freelance writer for Nolo and other publications and law firms. She has passed the bar exams in California, Nevada, and Colorado, where she is both an active attorney and a real estate broker. Ann practiced civil litigation in California and Colorado, and had her own firm in Colorado. At her firm, she focused on real estate, landlord-tenant, and small business cases. Ann earned her B.A. from Boston College and her J.D. from UC Berkeley Law.

Hollander, Stuart J.

The late Stuart Hollander was a lawyer with more than 20 years' experience helping families plan for succession of their vacation cottages.

Hollander, Rose

Rose Hollander has spent more than 20 years working and living in the heart of Michigan cottage country. She was the legal assistant/paralegal in a law practice with her husband, Stuart Hollander, whose practice centered on estate planning to help families concerned about passing on vacation homes. Rose met with families, helped draft documents, and helped families administer the estate after a death. Rose graduated from Ithaca College.