Cottage-Law.com Blog

Posts Tagged ‘Cottage Succession Planning’

Catching the LOL Momentum (LOL stands for Laugh Out Loud) while at the family cottage.

Laughter produces the natural feel good endorphins which help lower stress, benefits relaxation and sleep. It gives you a natural high. These laughing endorphins boost the immune system in the body. Laughter also helps lower blood pressure and may alleviate pain. Laughter is a great form of medicine. Everyone benefits from laughter. Families become stronger, friendships are better and marriages are deeper when laughter is put in the midst of daily life. Siblings can become best friends through laughter. The average child laughs 200 times in a day. The average adult laughs only 4 times a day. Laughter can boost your mood and help relieve anxiety and depression. A good belly laugh is highly recommended at least 3 times a day. It is good for your body and soul.

Read the rest of this entry »

Their fond memories exuberate, like a family cottage, charm and comfort.

Leave a legacy of integrity and good will. Defining the family cottage means: joy, relaxation, summer skies that go on forever, walks along the beach, skipping stones, bonfires, children laughing, our chocolate and yellow labs running through the water, fireflies, good friends, serenity and peace.

Read the rest of this entry »

“As reported by the Detroit Free Press (see article below) there is unprecedented opportunity for those who have dreamed of owning a vacation home, cottage or cabin to make that dream come true.

Read the rest of this entry »

As weather in Michigan becomes warmer signaling the approach of summer, family cottage owners of waterfront property begin thinking about boats, docks, jet skis, etc. Every summer, unfortunate accidents occur which affect family cottage owners and their guests that are related to water and recreational activities: swimmers make a wrong judgment regarding the depth of the water and dive off the cottage dock into shallow water resulting in severe neck injuries, boaters and those driving personal watercraft can be blinded by the sun and fail to see someone skiing or tubing behind a boat resulting in a catastrophic accident, a “slip and fall” during a game of volleyball played on the beach or in shallow water can cause unexpected and long-lasting injuries.

Read the rest of this entry »

The Michigan General Property Tax Act (the Act) requires real property in Michigan be assessed yearly and taxed at one-half (1/2) of its true cash value (true cash value is the same as market value). However, with the passage of the Headlee Amendment to the Michigan Constitution in 1994, limitations were placed on how much assessments and taxes could go up each year. Since 1994-1995, annual property tax increases have been “capped” at levels specified in the Act and remain capped until a “transfer of ownership” occurs. Once a transfer of ownership occurs, the property is reassessed at one-half (1/2) of the “true cash value” as of that date and the taxes, in most cases, go up substantially. The property tax is capped at the new, higher amount until the next transfer of ownership takes place (Michigan property tax bills show a “Taxable Value” and a “State Equalized Value.” The Taxable Value is the capped value upon which the property tax is assessed. The State Equalized Value approximates one-half (1/2) of the true cash value/market value of the property. Once the property tax is uncapped, the State Equalized Value and the Taxable Value become the same for the year in which the uncapping occurred and the cap goes back into effect at that amount).

Read the rest of this entry »

How We Hold Title to Real Estate Ownership

There are two ways to hold title to real estate:

• directly, or
• indirectly

Read the rest of this entry »

First Steps Cottage Succession Planning

First, ask your child, or children, if they want a share of the cottage. They may not want a share of the family cottage and there could be a variety of reasons. Each should be explored for passing on to them an alternative value of their share of the family cottage.

Read the rest of this entry »

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.

Read the rest of this entry »