Whether you’re a parent planning to pass on a cottage to your children, someone who has inherited a cabin with your siblings or other relatives, or someone who is thinking about buying a vacation home, you want to know how to keep the property in the family—and avoid squabbles over it. This book tells you how. You’ll find out how to: . Prevent a family member from forcing a sale of the cottage . Keep your cottage out of the hands of in-laws and creditors . Develop a legal structure to take care of the business of ownership, freeing you and your family to enjoy your precious time at the cottage . Make a smooth transition from one generation’s ownership to the next. Saving the Family Cottage explains the problems that almost always pop up when family members with different interests and financial situations inherit a vacation home together. And it offers solutions for families who want to preserve this valuable asset for generations to come.

Saving the Family Cottage: A Guide to Succession Planning for Your Cottage, Cabin, Camp or Vacation Home

Business & Money

Hollander, Rose

Hollander, Stuart J.

Fry, David S.

Real Estate

Nolo

Estate planning for family cottages and cabins When family members inherit a vacation home together, problems are often unavoidable, given that the new co-owners may have different financial circumstances or emotional attachments to the family cottage or cabin. But you can head off damaging family squabbles by developing a legal structure (typically an LLC) to take care of the business of ownership. Whether you’re planning to pass on a cottage to your children, or you’ve inherited a cabin with your siblings, Saving the Family Cottage provides practical, legal solutions for preserving a beloved family property for generations to come. You’ll learn how to: <ul>
<li> keep the peace (and avoid fights) among siblings over jointly-owned property </li>
<li> prevent a family member from forcing a sale of the cottage or cabin </li>
<li> keep your vacation home out of the hands of in-laws and creditors, and </li>
<li> make a smooth transition from one generation’s ownership to the next. 
</li>
</ul> The fifth edition is updated to reflect 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.

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

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

O’Connell Attorney, Ann

Hollander Attorney, Stuart J.

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