Saving the Family Cottage

Download or read book Saving the Family Cottage written by Stuart J. Hollander and published by Nolo. This book was released on 2021-02-10 with total page 241 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.