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

Amazon.com Price: $39.95 (as of 04/05/2019 18:12 PST- Details)

Categories: Accounting, Books, Business, Business and Finance, Business and Money, Estates and Trusts, Investments, Law, Legal Self-Help, New, Used and Rental Textbooks, Personal, Real Estate, Specialty Boutique, Subjects, Tax Law, Taxation

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Description

Estate planning for family cottages and cabins

When members of the family inherit a vacation home together, problems are continuously unavoidable, for the reason that the new co-owners may have different financial circumstances or emotional attachments to the family cottage or cabin.

But you’ll be able to head off damaging family squabbles by developing a legal structure (most often an LLC) to care for 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 to:

keep the peace (and avoid fights) among siblings over jointly-owned property
prevent a family member from forcing a sale of the cottage or cabin
keep your vacation home out of the hands of in-laws and creditors, and
make a smooth transition from one generation’s ownership to the next.

The fifth edition is updated to reflect current tax laws, including state property tax laws which impact choice of legal entity. It’s also an expanded discussion of legal issues when renting a family cottage or cabin on Airbnb, VRBO, or similar rental products and services.

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