Does Your Family Want To Protect The Family Cottage For The Future?

With Memorial Day now in the rearview mirror and 4th of July fast approaching the initial onslaught of family and guests subsided, you may now be focused on the upcoming summer months and all the activities that will be occurring at your family cottage.

But, maybe the topic came up or a simple comment was made in passing this weekend like “...oh I hope we always have this place to come back to” or some such sentiment. These types of comments almost always strike some thoughts about the need to develop a cottage plan to ensure the cottage will remain in your family for decades to come.

The decision to explore a cottage plan to save and protect the family cottage is more often about emotional considerations than financial maneuvering. 

After all, it's the time on the beach, in the lake, around the fire and eating out at the old picnic table in the yard that drives the feelings of love, togetherness and family memories. The dock where the grandkids caught their first fish and their desire to share that experience with their kids is the kind of simple event that drives powerful emotions.

So when your family’s emotional compass and orientation points to both the desire and the means to ensure the continued enjoyment ofthe cottage for generations to come, the planning to create a lasting recipe for your family’s success naturally takes on the flavor of business type planning for the cottage.

The business type structure applied in the cottage plan implements the necessary framework where operational considerations take the form of shared financial responsibilities. Also, cooperation for the usage of the cottage, a formula for managing the cottage to make sure intentional well thought out decisions are made to protect the cottage physically/structurally, protection of the cottage against surprises and threats by things like a family member;’s bankruptcy or divorce and an orderly transfer of ownership within the family by any member who no longer desires to participate in owning the cottage are all addressed in the plan.

However, the old saying “thinking about a plan isn’t planning” should be heeded. The planning process can be very efficient and painless when your guided by the right advisor.

At the Penning Group, I have spent over 30 years advising and developing cottage plans for clients. Let me put my experience and expertise to work for you today. Call me at 448-752-6480 for a free no obligation conversation.