Posts Tagged ‘Family Cottage’
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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Michigan Cottage Law Takes on New Meaning on Game Day
October 15th, 2011
| Author: Dan A. Penning
Michigan Cottage Law definitely gains new perspective on game day in Michigan!
Cottage Succession Planning and Invoking the Right to Partition
October 3rd, 2011
| Author: Dan A. Penning
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
Posted in Cottage Law, Cottage Succession Planning, Entity Laws, Indirect Ownership
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Tags: Cottage Law, Cottage Succession Planning, Direct Ownership, estate, family cabin, Family Cottage, Indirect Ownership, right to partition
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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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Feeling Fantastic At The Family Cottage!
November 15th, 2010
| Author: Dori Penning
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!
Start Your Weekend With a Smile at the Family Cottage
November 13th, 2010
| Author: Dori Penning
Create lasting Thanksgiving memories by topping your table with memories. All you need is a plain white tablecloth and some indelible fabric markers. Before your Thanksgiving meal begins, have everybody write down what they are most thankful for and then also have them write the date next to the message. Wash it and use it again next year. You will have a treasured keepsake that you can use over and over. One of the things to be thankful for is having begun the process of creating a cottage succession plan to keep your family cottage in your family for future generations so all can enjoy family holiday traditions.
Helpful Tips to Make Your Everyday Life Better at the Family Cottage
August 29th, 2010
| Author: Dori Penning
Are you a multi-tasker? I would like to think I am. I came across an empowering quote:
“The greatest things on earth have been done little by little” –Thomas Guthrie.
Posted in Cottage Law, Family Cottage Memories
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Tags: Family Cottage, managing time at the family cottage
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Cottage Law in Michigan and the Cottage Law Dogs
August 29th, 2010
| Author: Dori Penning
They like their dishes really clean
Ice Cream at the Family Cottage
August 15th, 2010
| Author: Dori Penning
Remember the phrase, “I scream, you scream, we all scream for ice cream?”
Stories To Tell At the Family Cottage
August 12th, 2010
| Author: Dori Penning
The family cottage sets in motion vacations to remember. At the family cottage you relax, unwind and nurture yourself. It is a wonderment and an oasis of peace on the water’s edge. It doesn’t matter how you spend your day off from work or household chores. Enjoy nature whether you bike, boat, hike, or simply take a swim. My teens and my husband Dan enjoy swinging a club or two at the golf course. Even if you enjoy watching the world go by, it is just fine.