List Books » Saving the Family Cottage: A Guide to Succession Planning for your Cottage, Cabin, Camp or Vacation Home
Authors: Rose Hollander, David Fry, Stuart Hollander
ISBN-13: 9781413310344, ISBN-10: 1413310346
Format: Paperback
Publisher: NOLO
Date Published: May 2009
Edition: Third Edition
Rose Hollander has spent more than 19 years working and living in the heart of Michigan cottage country. She was the legal assistant/paralegal in a law practice with her husband, Stuart Hollander, whose practice centered on estate planning to help families concerned about passing on vacation homes. Rose met with families, helped draft documents, and helped families administer the estate after a death.
Rose graduated from Ithaca College. Before working as a legal assistant, she worked as a personnel representative for the Stanford Court Hotel and then as the assistant to the General Manager of the Four Seasons Clift Hotel in San Francisco. She then owned a catering business in Northern Michigan.
Rose is a Great Books leader and chairman of the board of a large Montessori school, and is active on stage in community theater. She has published several essays about life "up north" and parenting.
David S. Fry, is a Michigan attorney whose practice also focuses on real estate and estate planning, particularly succession planning for second homes. He is a fourth generation cottage owner and regularly presents seminars around Michigan on how to keep a cottage in the family.
The original author, the late Stuart Hollander, was a lawyer with more than 20 years' experience helping families plan for succession of their vacation cottages.
Keep your vacation home in the family with the definitive guide to succession planning.
Now published by Nolo, Saving the Family Cottage is written in plain English by estate planning and succession attorney-experts Stuart Hollander and David S. Fry, to help you plan to pass on your vacation home and keep it in the family. Complete with real-world examples and stories of cottage "wars" gone awry, this book breaks down the essentials for passing your cottage to the next generation.
Find out how to:
Your Cottage Companion 1
Part I Cottages at Risk
1 Trouble in Paradise 7
Time for a Plan 10
The First Step 12
2 Avoid the Worst: A Partition Parable 15
3 Plan for the Best: Cottage Succession Goals 25
Founder Objectives 26
Heir Concerns 28
Shared Concerns 30
Part II Choosing the Right Path
4 How a Plan Helps Save the Family Cottage 35
5 No Plan? Then 600-Year-Old Law Controls the Cottage 45
Tenancy in Common 46
Nine Rules of Tenancy in Common 47
6 Other Animals in the Property Law Zoo 59
Joint Tenancy 60
"Indestructible" Joint Tenancy 63
Tenancy by the Entireties 65
Community Property 66
7 Short-Term Solutions 69
Using Life Estates 70
The Ownership Agreement 72
Part III Cottage Plans in Action
8 Choose the Right Legal Entity for Your Cottage 77
Trusts and General Partnerships 79
The Limited Partnership 81
The Limited Liability Limited Partnership 82
The Corporation 82
The Close Corporation 83
The S Corporation 85
The Limited Liability Company 85
Comparing the LLC to the Pretenders 87
The Big Picture 88
9 Welcome to the Club 91
Who Is in the Cottage Club? 92
The Branch Concept 96
10 When and How to Organize the Cottage LLC 103
Now: The Immediate Cottage LLC 104
Later: The Springing Cottage LLC 106
The Mechanics of LLCs 108
The Role of the Attorney 115
11 The Cottage Safety Valve 119
The Put Price 120
The Discount 123
The Put Terms 125
12 Cottage Democracy 129
Member Management 130
Using Managers 131
13 Scheduling and Use 137
Kinds of Sharing Systems 138
Creating a Fair and Sustainable Cottage Sharing System 139
Cottage Users 144
14 Renting the Cottage 149
Is RentalPermitted? 151
Rental Operations 152
Who Is the Landlord? 154
Liability 155
Part IV Creating a Cottage Legacy
15 Minimizing the Federal Tax Bite 163
Death, Taxes, and Cottages 164
The Price Tag on Cottage Units 175
Appraisals and IRS Reporting 177
16 The Ultimate Gift: A Cottage Endowment 179
What Is an Endowment? 180
How Is an Endowment Established? 181
Size of the Endowment 183
How Do Heirs Feel About an Endowment? 184
The End of the Endowment 185
How an Endowment Is Used 186
How an Endowment Is Managed 186
G Glossary 189
B Bibliography 195
A Appendix: Table of Contents Cottage Limited Liability Company Operating Agreement 205
Index 209