| I first learned of "Saving the Family Cottage: A | | | | Part Two: Choosing the Right Path is divided into |
| Guide to Succession Planning for Your Cottage, | | | | four chapters that deal with how plans help, what |
| Cabin, Camp or Vacation Home" by Stuart J. | | | | happens when you don't have a plan, legal types |
| Hollander, Rose Hollander, & David S. Fry a | | | | of ownership such as Tenancy in Common, Joint |
| couple of years ago from a fellow attorney who | | | | Tenancy, Community Property, and a few others. |
| recommended it. This is a very good book if you | | | | There is also a short chapter on using life estates |
| plan on passing on a cottage or vacation home to | | | | and ownership agreements. |
| your children, if you have inherited a cabin with | | | | Part Three: Cottage Plans in Action discusses the |
| siblings or other relatives, or you just want to | | | | legal entities available for your cottage such as |
| know how to keep property in the family and | | | | partnerships, corporations, and Limited Liability |
| reduce or avoid the squabbles over it. | | | | Companies. The book recommends LLCs, and |
| It's a short book of 188 pages, with a glossary | | | | provides guidance as to why and how to go |
| and bibliography that push it over 200. It is easy | | | | about forming one for the purpose of owning the |
| to read and answers the questions you need | | | | vacation home. Chapters also cover topics like |
| answered regarding the topic, and provides | | | | scheduling and use, and renting the cottage. |
| guidance on how to best find solutions for families | | | | Part Four: Creating a Cottage Legacy contains |
| who want to preserve vacation homes for | | | | two chapters that provide some basic information |
| generations to come, especially when family | | | | related to taxes and endowments. |
| members have different interests and financial | | | | If you own a cottage, cabin, vacation home, or |
| situations. It also lets you know how to best use | | | | whatever you want to call it, this book is a |
| a lawyer to assist you with the process. | | | | valuable read regarding the issues that arise when |
| Part One: Cottages at Risk contains three | | | | wanting to keep the property in the family. Use |
| chapters that focus on why you need a plan and | | | | this guide along with your attorney to make the |
| what the first step should be, avoiding the worst, | | | | best possible succession plan to eliminate |
| and planning for the best. These chapters get you | | | | headaches and troubles for you and those you |
| thinking of objectives and possible concerns. | | | | are leaving the property to. |