Archive for the ‘Limited Liability Company’ Category
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.
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 »
When the Family Cottage is At Risk
January 31st, 2010
| Author: Dan A. Penning
Every kid should roast a marshmallow by a fire next to the lake, paddle a canoe, catch a fish, dive off a raft, skip stones and and eat an ice cream cone or a freshly made donut from a local food shack which opens every summer for cottage visitors.
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 property deed, Cottage Real Estate Laws, Cottage Succession Planning, Direct Ownership, Entity Laws, Family Cottage, family legacy asset, Indirect Ownership, llc, partition lawsuit, protecting the family cottage, right to partition, saving the family cottage, Tenants in Common
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