Archive for January, 2010
Choosing the Right Legal Entity for the Family Cottage
January 31st, 2010
| Author: Dan A. Penning
The Right Legal Entity for Your Cottage
Circumstances need to be evaluated for each family and cottage property. There are a few special cases where keeping your cottage under direct real estate ownership is the simple solution to a complex situation. Two cottage planning solutions which should be examined, and discussed with your cottage law attorney, are Life Estates and the Ownership Agreement.
Posted in Cottage Entity Laws, Cottage Law, Cottage Law Attorney, Cottage Real Estate Laws, Cottage Succession Planning, Direct Ownership, Entity Laws, Family Cottage, Indirect Ownership, Limited Liability Company, Tenants in Common
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Tags: avoid uncapping cottage property taxes, Cottage Law, Cottage Law Attorney, cottage planning solutions, cottage property, direct real estate ownership, family property, flexible legal entity, future generations, indirect real estate ownership, legal entity, life estates, ownership agreement, saving your family cottage
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Cottage Real Estate Ownership – Direct and Indirect
January 31st, 2010
| Author: Dan A. Penning
How We Hold Title to Real Estate Ownership
There are two ways to hold title to real estate:
- directly, or
- indirectly
Posted in Cottage Entity Laws, Cottage Law, Cottage Law Attorney, Cottage Real Estate Laws, Cottage Succession Planning, Direct Ownership, Entity Laws, Family Cottage, Indirect Ownership, Limited Liability Company, Tenants in Common
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Tags: Cottage Law, cottage real estate ownership, Cottage Succession Planning, Direct Ownership, Indirect Ownership
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Cottage Planning Solutions
January 31st, 2010
| Author: Dan A. Penning
Cottage Planning Solutions
Wright Penning & Beamer recommends moving your cottage from direct ownership to indirect ownership. A Limited Liability Company-based Cottage Succession Plan provides maximum protection for: Read the rest of this entry »
First Steps of Cottage Succession Planning
January 31st, 2010
| Author: Dan A. Penning
First Steps Cottage Succession Planning
First, ask your child, or children, if they want a share of the cottage. They may not want a share of the family cottage and there could be a variety of reasons. Each should be explored for passing on to them an alternative value of their share of the family cottage.
Posted in Cottage Entity Laws, Cottage Law, Cottage Law Attorney, Cottage Real Estate Laws, Cottage Succession Planning, Direct Ownership, Entity Laws, Family Cottage, Indirect Ownership, Tenants in Common
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Tags: Cottage Law, Cottage Law Attorney, cottage llc name, Cottage Real Estate Laws, Cottage Succession Planning, Entity Laws, immediate llc, limited liability comany, springing llc, state registration of cottage limited liability company
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Great Family Cottage Memories
January 31st, 2010
| Author: Dan A. Penning
We’d love to know about the best time you and your family had at the family cottage!
What are some of your favorite family cottage memories?
When the Family Cottage is At Risk
January 31st, 2010
| Author: Dan A. Penning
Every kid should roast a marshmallow by a fire next to the lake, paddle a canoe, catch a fish, dive off a raft, skip stones and and eat an ice cream cone or a freshly made donut from a local food shack which opens every summer for cottage visitors.
Posted in Cottage Entity Laws, Cottage Law, Cottage Law Attorney, Cottage Real Estate Laws, Cottage Succession Planning, Direct Ownership, Entity Laws, Family Cottage, Indirect Ownership, Limited Liability Company, Tenants in Common
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Tags: Cottage Law, cottage property deed, Cottage Real Estate Laws, Cottage Succession Planning, Direct Ownership, Entity Laws, Family Cottage, family legacy asset, Indirect Ownership, llc, partition lawsuit, protecting the family cottage, right to partition, saving the family cottage, Tenants in Common
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