Saving the Family Cottage: Creative Ways to Preserve Your Cottage, Cabin, Camp, or Vacation Home for Future Generations (Paperback)

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Description


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.

Product Details
ISBN: 9781413328264
ISBN-10: 1413328261
Publisher: NOLO
Publication Date: February 23rd, 2021
Pages: 240
Language: English