Cottage-Law.com Blog

Posts Tagged ‘Cottage Law’

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.

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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

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As the world grows smaller thanks to technology, The Penning Group finds itself with clients and friends literally across the globe. We welcome new friends and new opportunities, but we still trace our values, like our roots, to the Michigan communities we call home. Like many of you, we are grateful for opportunities to give back when and where we can.

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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.

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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.

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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.

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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.”

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Budget Proposal Includes Anticipated Proposals to Change Both Tax and Spending Policies

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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.

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Repeat after me I feel fabulous, I feel fabulous! I am terrific! I am terrific! There- I just powered you up for the day. Better yet get in front of that mirror and say it ten times over. Your family will think you are weird and your spouse might think you lost it but that’s ok- you’re doing this to increase your creativity and get excited about your day and your future. Now I want to challenge you to get up every day and look in that bathroom mirror and say hello you good looking thing you. You may get a good laugh but you are beautiful and you have great gifts to offer this world. So go with the positive side of life. See yourself with that victory. Every one of us has gifts and talents to soar to a new level. Get rid of that negative mindset. This is not part of your vision- besides it will only bring you down and others around you down. Take good care of yourself. Author Debbie Mandel in her book “Addicted to Stress: A Woman’s 7 Step Program to Reclaim Joy and Spontaneity In Life” says that people need to keep themselves in balance by making good choices with a healthy diet and exercise. ” Something as simple as walking will help.” Make sure you get plenty of sleep and if you are in a bad mood, call someone who isn’t. Instead of bringing others down, let someone lift you up. Download some uplifting music and by all means dance- it will lift your soul. Your friends may think you are strange but you just keep that positive spirit going. Who knows you may show up on YouTube as a dancing sensation. If you have never watched the “Ellen Show” take a few moments. She is always dancing and her merriment puts a spring in your step. Debbie Mandel also states to “Activate your sense of humor. We all take ourselves too seriously. Our friend Tommy is always having a good time, I can hear his laughter even when he is not around. Find someone like this who will get you laughing, and put joy back into your step. Marla Sloane, Ph.D.’s positive affirmation tip states “Happiness doesn’t mean everything is perfect, it means I look beyond the imperfections.” Nobody’s life is perfect and yes we all have those disappointments and down and out times. It is what you do with them, and your your reactions to them that counts. Find hope and joy. Quincy Jones, who is 77 years old, tells USA Today that music is culture’s most essential art. He states that his dream is to see hip-hop some how incorporated into education. “It’s the only one that engages the left and right brain simultaneously, the motion and intellect. “it’s the voice of God.” How amazingly well put. Jones just released “Q:Soul Bossa Nostra,” a sound track disc featuring A-list stars interpreting songs. I wonder what the world would be like if we all found music we enjoyed and turned that TV off. Right now Casey is singing to that song “All the Right Moves” by One Republic. He truly was blessed with a gift of song. He has great talent and he is healing his left and right brain by engaging in emotion and intellect. When you sing there is no stress. Music lifts your soul!

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