Author Archive
Cottage Law and Using Gifting to Avoid Estate and Gift Taxes
October 25th, 2011
| Author: Dan A. Penning
Going, Going, Gone!
Tax-free transfers – gifting – of the family cottage to future generations via a cottage succession plan is a great opportunity for cottage owners to enjoy considerable tax savings while real estate values are suppressed.
Posted in Cottage Law, Cottage Law Attorney, Cottage Succession Planning, Cottage-Law.com, CottagePlanning, Uncapping Property Taxes
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Tags: "1932 gift tax", "annual exclusion", "estate taxes", "gift assets", "gift tax exceptions", "gift tax", "gifting", "overall gift tax exemption", "tax-free transfers of assets", "tax-free transfers", Cottage Law, cottage operating agreement, cottage succession plan, Family Cottage, klooster, legacy assets, uncapping
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Michigan Cottage Law Takes on New Meaning on Game Day
October 15th, 2011
| Author: Dan A. Penning
Michigan Cottage Law definitely gains new perspective on game day in Michigan!
Cottage Succession Planning and Invoking the Right to Partition
October 3rd, 2011
| Author: Dan A. Penning
Every time I watch an English movie or see a program set in England I can’t help but notice beautiful English country estates. As an attorney I look at the lavish estates and think about the right to partition and how our real estate laws are based on 600 year old laws. What does this have to do with your family cottage? Plenty. Our current real estate laws put your family cottage at risk. Why? Simply because real estate law does not promote keeping the family cottage in the family for multiple generations. It involves how the cottage is owned. Direct ownership and indirect ownership is what makes the difference. Cottage Succession Planning provides a solution to someone being able to invoke a Right to Partition. Read more about family cottage risks on our website at http://www.cottage-law.com/cottage-risks.html
Posted in Cottage Law, Cottage Succession Planning, Entity Laws, Indirect Ownership
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Tags: Cottage Law, Cottage Succession Planning, Direct Ownership, estate, family cabin, Family Cottage, Indirect Ownership, right to partition
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Join The Penning Group in Supporting Our Communities
July 15th, 2011
| Author: Dan A. Penning
As the world grows smaller thanks to technology, The Penning Group finds itself with clients and friends literally across the globe. We welcome new friends and new opportunities, but we still trace our values, like our roots, to the Michigan communities we call home. Like many of you, we are grateful for opportunities to give back when and where we can.
Posted in Cottage-Law.com
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Tags: alley regally, center, community events, Cottage Law, farmington duck race, farmington farmers and artisans market, farmington farmington hills afterschool program, farmington founders festival, greater farmington area chamber of commerce, leelanau conservancy picnic and auction, legato salon, shiawassee park, suttons bay fireworks
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Value of Summer Memories at The Family Cottage
June 21st, 2011
| Author: Dan A. Penning
It doesn’t matter what time of day you arrive, everything always looks the same. Granted, the trees are taller and wildflowers seem to be growing everywhere. But your family cottage is the same to you today as it’s always been.
Posted in Cottage Entity Laws, Cottage Law, Cottage Succession Planning, Family Cottage, Family Cottage Memories
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Tags: avoid uncapping of property, Cottage Law, Cottage Succession Planning, family cottage sharing, family cottages, klooster v charlevoix, protect the family cottage, right to partition, summer vacations
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Michigan Cottage Planning
June 12th, 2011
| Author: Dan A. Penning
Succession Planning for Vacation Property
Steps for Cottage Sharing
With summer here, many families will be enjoying their family cottages during the span of summer’s endless sunshine defining the lazy days of summer at the family cottage.
Posted in Cottage Entity Laws, Cottage Law, Cottage Law Attorney, Cottage Real Estate Laws, Cottage Succession Planning, CottagePlanning, Entity Laws, Family Cottage
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Tags: Cottage Law, cottage llc operating agreement, cottage planning, cottage planning laws, CottagePlanning, family cottage sharing, michigan cottage law, michigan llc, real estate law, succession planning, vacation property, vacation property succession plan
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Your Family Cottage and The Public’s Right to Access Michigan’s Inland Lakes from Adjacent Roads
June 7th, 2011
| Author: Dan A. Penning
If your family cottage property is adjacent to a lake with public roads, this information may be useful to aid you in determining the legal rights the public has to access the surface of the water next to your family cottage.
Posted in Cottage Law, Cottage Real Estate Laws, Family Cottage
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Tags: family cottage public water access, MI inland lakes laws, michigan family cottages, michigan inland lakes, protectingthefamilycottage.common michigan inland lakes concerns, riparian rights of michigan cottage owners, waterfront cottages
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Protect the Family Cottage Common Questions About Types of Ownership Forms
May 26th, 2011
| Author: Dan A. Penning
Most people would think “economic value” is the most important factor to protect the family cottage. Common “emotional value” has proven time and time again as the most important motivation behind developing a cottage succession plan to protect the family cottage.
Posted in Cottage Entity Laws, Cottage Law, Cottage Real Estate Laws, Cottage Succession Planning, Entity Laws, Family Cottage, Limited Liability Company, Uncapping Property Taxes
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Tags: Cottage Law, Cottage Succession Planning, different types of ownership, michigan cottage law, protect the family cottage, protectthefamilycottage, saving the family cottage
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Real Estate Taxes and Joint Ownership of Michigan Real Property and Cottages
May 9th, 2011
| Author: Dan A. Penning
The Practical Effect of Michigan Supreme Court’s Decision in the case of Klooster v City of Charlevoix
Posted in Cottage Law, Cottage Real Estate Laws, Cottage Succession Planning, Uncapping Property Taxes
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Tags: actual property value, joint ownership, joint ownership with rights of survivorship, joint tenancies, klooster v city of charlevoix, michigan property tax system, michigan supreme court decision, original owner, property taxes, state equalized valuation, taxable value, transfer of ownership, uncapping occurrence
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Keeping the Family Cottage – Cottage Succession Planning and Forms of Ownership
March 29th, 2011
| Author: Dan A. Penning
They say, “beauty is in the eye of the beholder.” That’s especially true when applied to the family cottage. Whether the family cottage is a small rustic cabin on a pristine lake or stream, a luxurious retirement home on one of the Great Lakes or ocean shore, or a family retreat in some stunning mountain region, it’s not “economic value” that is the most important factor in keeping the family cottage, it’s the “emotional value.”
Posted in Cottage Entity Laws, Cottage Law, Cottage Law Attorney, Cottage Succession Planning, Direct Ownership, Entity Laws, Family Cottage, Indirect Ownership, Limited Liability Company, Tenants in Common, Uncapping Property Taxes
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Tags: Cottage Law, cottage succession plan, creditor protection, direct transfers of ownership, divorce, entity, Family Cottage, family limited partnerships, flp, gift of the family cottage, great lakes, joint tenants with rights of survivorship, life estate, lifetime trust, Limited Liability Company, llc, luxurious retirement home, michigan, northern michigan, operation and maintenance of the family cottage, outright transfers of ownership, qprt, qualified personal residence trust, revocable living trust, rustic cabin, Tenants in Common, transfers of deed
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