Estate planning for family cottages and cabinsIt's never too early to take steps to preserve a beloved family property for generations to come.
Author(s): Ann O'Connell & Timothy B Borchers
256 Pages
Business & Economics, Real Estate
Description
About the Book
"This book discusses estate planning for family cottages and cabins. It includes advice on how to keep the peace among heirs, prevent a family member from forcing a sale of the property, keep the vacation home out of the hands of in-laws and creditors, and how to make a smooth transition of ownership from one generation to the next. This edition includes an expanded discussion of legal issues that might arise when renting out a family cottage or cabin on a short-term basis. It's also updated to reflect current tax and legal entity laws"--
Book Synopsis
Estate planning for family cottages and cabins
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. This book lays out a roadmap for creating and implementing this plan. It also explains how to identify properties that qualify as heirlooms worthy of a succession plan, 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 seventh edition expands on buy-out options for heirs, how to transfer the property to later branches of the family, and when it might be appropriate to form a nonprofit association to hold the property.
Review Quotes
"Practical advice." The Grand Rapids Press "Nolo is always there in a jam as the nation's premier publisher of do-it-yourself legal books."Newsweek
Dimensions (Overall): 8.82 Inches (H) x 5.98 Inches (W) x .71 Inches (D)
Weight: .75 Pounds
Suggested Age: 22 Years and Up
Number of Pages: 256
Genre: Business & Economics
Sub-Genre: Real Estate
Publisher: NOLO
Theme: Buying & Selling Homes
Format: Paperback
Author: Ann O'Connell & Timothy B Borchers
Language: English
Street Date: March 25, 2025
TCIN: 92246538
UPC: 9781413332407
Item Number (DPCI): 247-28-6011
Origin: Made in the USA or Imported
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Shipping details
Estimated ship dimensions: 0.71 inches length x 5.98 inches width x 8.82 inches height
Estimated ship weight: 0.75 pounds
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