Sencbcc.org - Loans, Finance, Real Estate and Small Business |
|
|
| | Location: Home » Real Estate » General » Saving the Family Cottage: A Guide to Succession Planning for your Cottage, Cabin, Camp or Vacation Home 2nd Edition | September 6, 2008 |
|
 | | | |
| Saving the Family Cottage: A Guide to Succession Planning for your Cottage, Cabin, Camp or Vacation Home 2nd Edition | 
 enlarge | Author: Stuart J. Hollander
Creators: Deborah Wyatt Fellows, David S. Fry
Publisher: Pleasant City Press, LLC.
Category: Book
List Price: $19.95
Buy New: $12.96
You Save: $6.99 (35%)
Buy New/Used from $12.96
Avg. Customer Rating:  (9 reviews)
Sales Rank: 5513
Languages: English (Original Language), English (Unknown), English (Published)
Media: Paperback
Edition: 2
Number Of Items: 1
Pages: 248
Shipping Weight (lbs): 0.8
Dimensions (in): 8.8 x 5.9 x 0.8
ISBN: 0979359635
Dewey Decimal Number: 332
EAN: 9780979359637
ASIN: 0979359635
Publication Date: January 15, 2008
Availability: Usually ships in 1-2 business days
|
| Editorial Reviews:
Product Description
In Saving the Family Cottage, attorney Stuart Hollander explains why problems arise when a vacation home is passed on to the next generation (unequal wealth distribution among siblings and cousins being the usual culprit) and offers practical suggestions on how to address this problem. Hollander suggests how to incorporate succession planning for a vacation home into an estate plan and gives practical advice on such things as which entity is best for succession planning, how to develop a cottage schedule, what to do about an owner who fails to pay his or her assessment, whether to establish an 'endowment,' and how to allocate control between and within generations of owners. Although Hollander uses the term 'cottage,' the principles of his book apply to any property that a family wants to retain, whether it is an Adirondack camp, an Upper Midwest cabin, a Western ranch, or beach home property on an ocean, lake, or river. Written for the vacation home owner but with information that also will be useful to attorneys and financial planners, the book engages the reader with stories of cottage 'wars' and planning gone awry. Narrative examples and easy-to-follow graphics illustrate the more technical aspects of succession planning for a vacation home. The book makes a complex problem understandable and offers methods to help keep a second home in the family for generations. The second edition was published to acknowledge the addition of David S. Fry, Esq. as the editor and successor to the author's cottage law practice. Fry brings his years of experience as an attorney and fourth generation cottage owner to the book.
|
| Customer Reviews: Read 4 more reviews...
 If you have a vacation home, you must read this! June 18, 2008
Our children want us to keep the beach house in the family. This terrific book explains how to do it and how to avoid fights and bad feelings among the children after you are gone. We still had a lawyer draw things up, but this was an enormous help to us. We bought copies for each of the children and have recommended it to friends with vacation homes.
 Cottage doings May 25, 2008
Good basic introduction, with good insights into the issues that need to be understood and addressed. Tends to be repetitious, and is strong on advocating LLCs (limited liability companies) as the best way forward. Would have been more useful if additional material had been presented on alternative solutions (trusts, corporations, etc.). Would also have been more helpful to have explained the different elements that should be included in LLCs (the elements are listed in an Appendix) in more detail. Bibliography and notes provide a good basis for more research.
All in all, well worth the investment -- learned a lot. Would give it an extra half star (3.5), had it been possible!
 Fantastic succession planning book March 3, 2008
This book is a great resource for familites who want to try to keep a family second home over multiple generations. Wish we had read this before putting our family property in a trust- after reading it, we will probably be changing to an LLC holding entity instead! Heartily recommend this book, we got 2 copies and are passing it around.
Worth every penny December 8, 2007
My wife and I have been wrestling with how to make sure our cabin can stay in the family. This books discusses all the issues and helps you think about the way you would like to manage your cottage in your estate.
Very Informative!
A nice book on an estate planning technique for property (real estate) you want to keep in the family for generations to come. October 25, 2007
10 out of 10 found this review helpful
This is a good little book. It is well worth the read for anybody interested in estate planning. People who have a cottage, a vacation home, a farm, a retreat or some other form of real estate that the family tends to enjoy should read this book if they want to keep that property IN THE FAMILY for generations to come. And attorneys that do estate planning work would do themselves a favor to read this book so they can provide the best legal help possible when providing their services. This book is not a form book, but it provides enough information on the topic that any competent attorney can put together the appropriate Operating Agreement templates in order to carry out what this book explains is possible.
I must say I think the author is to be commended for writing this book. Clearly it is a marketing piece for his law practice. But it is not just that - it provides provides value in a niche that has not been written about before. The book is broken into four parts:
I. Cottages at risk (1-3)
II. Choosing the right path (4-7)
III. Cottage plans in action (8-14)
IV. Creating a cottage legacy (15-16)
And the book is comprised of 16 chapters:
1. Trouble in paradise
2. Avoid the worst: A partition parable
3. Plan for the best: Cottage succession goals
4. How to plan helps save the family cottage
5. No plan? Then 600-year old law controls the cottage
6. Other animals in the property law zoo
7. Short-term solutions
8. Choose the right legal entity for your cottage
9. Welcome to the club
10. When and how to organize the Cottage LLC
11. The cottage safety valve
12. Cottage democracy
13. Scheduling and use
14. Renting the cottage
15. Minimizing the federal tax bite
16. The ultimate gift: A cottage endowment
I found the book a bit repetitive. It was not tightly written. I would have enjoyed it a lot more if the problem of partitions had been stated once up front, and then the book could have moved on. Instead I kept hearing about partitions throughout the book.
In estate planning there is much written about how it is nice to put your major assets in a living trust so the courts (probate court) cannot get involved in the estate settlement process. Whenever courts have to get involved in a matter there is such a loss of control by the litigants. In the instant book, the author explains that it is nice to put your cottage, vacation home, or family retreat into a Limited Liability Company (LLC) so family squabbles down the inheritance line typically won't be mediated by the courts. The other nice thing if the Operating Agreement is drafted well is that there probably won't be family squabbles. What the author proposes is really a good idea. When the original owner of the cottage dies, the beneficiaries of the estate will take title to membership interests in an LLC, not ownership interests in real estate. As a result, partition of real estate interests is not an option in a dispute. 4 stars!
|
|
|
Powered by Associate-O-Matic
| | |
|