I first heard about “Saving the Family Cottage: A Guide to Succession Planning for Your Cottage, Cabin, Camp or Vacation Home” by Stuart J. Hollander, Rose Hollander, and David S. Fry a couple of years ago from an attorney who recommended it. This is a very good book if you plan to pass a cabin or vacation home to your children, if you have inherited a cabin with siblings or other relatives, or you just want to know how to keep ownership in the family and reduce or avoid disputes over it.
It is a short book of 188 pages, with a glossary and bibliography that push it to more than 200. It is easy to read and answers the questions you need regarding the topic, and provides guidance on how to find the best solutions for families. they want to preserve. vacation homes for generations to come, especially when family members have different interests and financial situations. It also lets you know the best way to use an attorney to help you with the process.
Part One: Cottages at Risk contains three chapters that focus on why you need a plan and what the first step should be, avoiding the worst and planning for the best. These chapters will help you think about goals and possible concerns.
Part Two: Choosing the Right Path is divided into four chapters that discuss how plans help, what happens when you don’t have a plan, legal types of property like joint tenancy, joint tenancy, community property, and a few others. . There is also a short chapter on the use of life properties and property contracts.
Part Three: Cabin Plans in Action looks at the legal entities available for your cabin, such as partnerships, corporations, and limited liability companies. The book recommends LLC and provides guidance on why and how to form one for the purpose of vacation home ownership. The chapters also cover topics such as scheduling and use, and renting the cabin.
Part Four: Creating a Cabin Legacy contains two chapters that provide basic information related to taxes and endowments.
If you own a cottage, cabin, vacation home, or whatever you want to call it, this book is valuable read on the problems that come with wanting to keep the property in the family. Use this guide in conjunction with your attorney to make the best possible estate plan to eliminate headaches and problems for you and those to whom you are leaving the property.