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Archive for the ‘Cottage Succession Planning’ Category

Do you belong to the circle of kindness? This means, to belong, you do something kind for someone. Kindness costs you nothing. It is a friendly gesture that you don’t think twice about. There is no ulterior motive. You never know when you are going to make a difference in someone’s life.

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Summer began as usual at the family cottage. The dogs, our chocolate labs Jake and Ginger, and our two cats Max and Joey and the three teen boys plus a friend were all settled in for a glorious summer at the cottage.

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Did you know that just watching and listening to a water sprinkler on your lawn provides solace and serenity. Our chocolate Labradors back from their vacation at the lake and family cottage seem eager to chase squirrels and lay in the sun on the moist grass in their own yard. What a beautiful day in July. We finally got a break from the humidity for a few days.

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To watch a Labrador Retriever swim in the lake is like watching a sea otter. Their heads are above water and they meander with such ease in the water. Our chocolate labs have grown up swimming at our family cottage in Suttons Bay, Michigan. This year, a family friend took them for a weekend vacation to their lakeside family cottage near Elkhart, Indiana. Now if you have never owned a lab, they love the water. These beautiful creatures believe this is paradise at its best. Labs have webbed feet. If you spread their paws, there is a built-in paddle – each webbed paw is in the in-between parts like a duck. They can spend more time swimming after a stick or a ball, until you have to declare the game is over.

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Drinking a cup of joe, on a beautiful 4th of July weekend, I experienced solace as I watched swans swimming and boats heading out of the marina in Suttons Bay, Michigan. The sun was beautiful on the water. The boats were heading out for adventure at the National Cherry Festival in Traverse City, Michigan. What a different world from our other home in Farmington, Michigan. The air is crystal clear. Ahh – the joys of summer – relaxation and peace.

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Penning Receives Prestigious “Five Star” Wealth Manager Award

Attorney Dan A. Penning was named a “FIVE STAR Wealth Manager” for 2010 by Hour Detroit and D Business magazines. Both magazines contracted an independent market research company to administer a research process to identify a select group of wealth managers who were exceptional in both their ability and commitment to overall client satisfaction.

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Their fond memories exuberate, like a family cottage, charm and comfort.

Leave a legacy of integrity and good will. Defining the family cottage means: joy, relaxation, summer skies that go on forever, walks along the beach, skipping stones, bonfires, children laughing, our chocolate and yellow labs running through the water, fireflies, good friends, serenity and peace.

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“As reported by the Detroit Free Press (see article below) there is unprecedented opportunity for those who have dreamed of owning a vacation home, cottage or cabin to make that dream come true.

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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?

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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