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.
Product details
Publisher : NOLO; Sixth edition (February 23, 2021)
Language : English
Paperback : 240 pages
ISBN-10 : 1413328261
ISBN-13 : 978-1413328264
Item Weight : 10.4 ounces
Dimensions : 6 x 0.48 x 9 inches
Best Sellers Rank: #33,116 in Books (See Top 100 in Books)
#6 in Property Law (Books)
#7 in Personal Taxes (Books)
#14 in Estates & Trusts Law
Customer Reviews: 4.6
109 ratings
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