Saving the Family Cottage - 7th Edition by Ann O'Connell & Timothy B Borchers (Paperback)

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