Posts Tagged ‘cottage succession plan’
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
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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
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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.
The Best of Friends at the Family Cottage
August 12th, 2010
| Author: Dori Penning
Our summertime friends helped us celebrate Casey.
Conor and The Rose Lizard Club sign
Posted in Cottage Law, Cottage Law Attorney, Cottage Real Estate Laws, Cottage Succession Planning, Cottage-Law.com, Family Cottage, Family Cottage Memories
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Tags: casey penning, Cottage Law, cottage succession plan, Family Cottage, friends, keeping the family cottage in the family, rose lizard, rose lizards club
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Skunks at the Family Cottage in Northern Michigan
August 11th, 2010
| Author: Dori Penning
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.
Posted in Cottage Law, Cottage Law Attorney, Cottage Succession Planning, Family Cottage, Family Cottage Memories
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Tags: cottage succession plan, critters at the family cottage, Family Cottage, leaving cottage to family members, leelanau county, michigan cottage law, northern michigan, saving the family cottage, suttons bay
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The Long Lazy Days of Summer at the Family Cottage on the Lake
August 3rd, 2010
| Author: Dori Penning
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.
Posted in Cottage Law, Cottage Law Attorney, Cottage Real Estate Laws, Cottage Succession Planning, Family Cottage, Family Cottage Memories
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Tags: Cottage Law, cottage succession plan, family time at family cottage, keep family cottage safe, michigan, saving the family cottage, suttons bay, traverse city
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