Saving the family cottage : creative ways to preserve your cottage, cabin, camp or vacation home for future generations / attorneys Stuart J. Hollander and Ann O'Connell and Rose Hollander ; foreword by Deborah Wyatt Fellows.
Material type:
TextPublisher: Berkeley : Nolo, 2021Edition: 6th editionDescription: 221 pages ; 23 cmContent type: - text
- unmediated
- volume
- 9781413328264
- 1413328261
| Item type | Home library | Collection | Call number | Materials specified | Status | Date due | Barcode | Item holds | |
|---|---|---|---|---|---|---|---|---|---|
Adult Book
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Dr. James Carlson Library | NonFiction | 346.7305 H737 | Available | 33111009792850 | ||||
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Adult Book
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Main Library | NonFiction | 346.7305 H737 | Available | 33111010479380 | ||||
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Adult Book
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Northport Library | NonFiction | 346.7305 H737 | Available | 33111009837069 |
Enhanced descriptions from Syndetics:
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.
Includes index.
"Form a cottage LLC to avoid family disputes"--Cover.
Trouble in paradise -- Avoid the worst : a partition parable -- Plan for the best : cottage succession goals -- How a plan helps save the family cottage -- No plan? Then 600-year-old law controls the cottage -- Other animals in the property law zoo -- Short-term solutions -- Choose the right legal entity for your cottage -- Welcome to the club -- When and how to organize the cottage LLC -- The cottage safety valve -- Cottage democracy -- Scheduling and use -- Renting the cottage -- Minimizing the federal tax bite -- The ultimate gift : a cottage endowment.
"This book discusses estate planning for family cottages and cabins. It includes advice on how to avoid disagreements among siblings over jointly-owned property, prevent a family member from forcing a sale of the cottage or cabin, keep the vacation home out of the hands of in-laws and creditors, and make a smooth transition from one generation's ownership to the next. This edition reflects current tax laws, including state property tax laws which affect choice of legal entity. It also includes an expanded discussion of legal issues when renting a family cottage or cabin on Airbnb, VRBO, or similar rental services"-- Provided by publisher.