Archive for the ‘Cottage Entity Laws’ Category
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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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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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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Limited Liability Company Amendments by Michigan Legislature could affect your Cottage Succession Plan
January 31st, 2011
| Author: Dan A. Penning
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.
Cottage-Law.com – A Way of Life for the Family
August 11th, 2010
| Author: Dori Penning
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.
Why Risk a Cottage Emergency Rescue Plan?
February 2nd, 2010
| Author: Dan A. Penning
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?
Posted in Cottage Entity Laws, Cottage Law Attorney, Cottage Real Estate Laws, Cottage Succession Planning, Cottage-Law.com, Entity Laws, Family Cottage, Tenants in Common
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Tags: cottage rescue plan, Cottage-Law.com, estate plan, real estate and planning strategies, real estate law, related tax matters, tax law
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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
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 »