Archive for the ‘Cottage Succession Planning’ Category
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
| 
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
| 
No Comments »
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
|
Tags: Cottage Law, Cottage Succession Planning, Direct Ownership, estate, family cabin, Family Cottage, Indirect Ownership, right to partition
|
Comments Closed
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
|
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
|
No Comments »
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
|
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
|
No Comments »
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
|
Tags: Cottage Law, Cottage Succession Planning, different types of ownership, michigan cottage law, protect the family cottage, protectthefamilycottage, saving the family cottage
|
No Comments »
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
|
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
|
No Comments »
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
|
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
|
No Comments »
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.
“No, Spike Doesn’t Do That”
November 19th, 2010
| Author: Dori Penning
The Mouse Adventure with The Cottage Cat “Spike” at The Depot
We became owners of a fluffy 20 pound orange and white barn cat name Spike. Spike lives in The Depot- the northern Michigan offices of The Penning Group, and formerly the law offices of Stuart J. Hollander, attorney author of “Saving the Family Cottage – A Guide to Succession Planning for your Cottages, Cabin, Camp or Vacation Home.”
Cottage Law Circle of Kindness
August 22nd, 2010
| Author: Dori Penning
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.