Archive for the ‘Cottage Entity Laws’ Category

Value of Summer Memories at The Family Cottage

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.

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Michigan Cottage Planning

Succession Planning for Vacation Property
Steps for Cottage Sharing

Cottage Law and Cottage Succession Planning for Succession Planning for Vacation PropertyWith 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.

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Protect the Family Cottage Common Questions About Types of Ownership Forms

Cottage Law BlogMost 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.

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Keeping the Family Cottage – Cottage Succession Planning and Forms of Ownership

Cottage Law BlogThey 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.”

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Limited Liability Company Amendments by Michigan Legislature could affect your Cottage Succession Plan

While the changes are mainly technical in nature, some are substantive and worth noting. Changes to the Michigan Limited Liability Company Act (“LLCA”) took effect on December 16, 2010.

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Cottage-Law.com – A Way of Life for the Family

A cottage in northern Michigan is a way of life. It is a place with a purpose. It awakens the heart. There is passion and dreams at a cottage. There are water bays, beaches, bonfires, friends, family, pets, and vineyards with great wineries. A cottage is a feeling of peace. This becomes a beautiful place to be, especially when you don’t want to be anywhere else.

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Why Risk a Cottage Emergency Rescue Plan?

Why should your cottage be in jeopardy and need saving? Cottage-Law.com expert Dan A. Penning has invaluable strategies to pro-actively plan how to protect your cottage first and secure its future. Why risk an emergency rescue plan when you can plan to avoid the crisis with a cottage succession plan?

Choosing the Right Legal Entity for the Family Cottage

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.

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Cottage Real Estate Ownership – Direct and Indirect

How We Hold Title to Real Estate Ownership

There are two ways to hold title to real estate:

  • directly, or
  • indirectly

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Cottage Planning Solutions

Cottage Planning Solutions

The Penning Group 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 »

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Dan A. Penning

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