Dan Penning 7/20/21 Dan Penning 7/20/21

Should A Cottage Trust Be the New Planning Tool of Choice for Michigan Cottage Succession Plans?

Now that the Michigan Legislature has modified certain aspects of the state’s rules on taxing real estate, including preventing reassessments of property being transferred among family members, planning with cottage trusts now should be considered as a planning tool in lieu of or addition to an LLC.

Dan Penning 6/22/21 Dan Penning 6/22/21

Choose The Right Legal Entity For Your Family Cottage Plan.

Understanding the options of legal entities to transfer indirect ownership of the family cottage is important to make sure your family’s particular goals and needs are met by the type of entity chosen.

Dan Penning 6/15/21 Dan Penning 6/15/21

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

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.

Dan Penning 5/20/21 Dan Penning 5/20/21

Solve Threats and Surprises Causing Problems For The Family Cottage

The solution to avoiding threats and surprises as well as providing a proper structure to implement cottage planning is through “indirect ownership”.

Dan Penning 4/19/21 Dan Penning 4/19/21

Part 2 - Why leaving the family cottage “ To all the children” is not a plan.

In my last blog, I explained the fact that leaving real estate to a group of heirs creates ownership in real estate law known as “tenants in common”. I also explained some of the rules that apply to that type of ownership and how those rules usually in one way or another cause problems between the co-owners.

Dan Penning 4/12/21 Dan Penning 4/12/21

PART 1 - Why leaving the family cottage to “All the children” is NOT a plan.

What many people don”t understand is that by leaving real estate to children or heirs as joint owners creates a legal status among the owners called a “tenancy in common”.

Dan Penning 5/28/19 Dan Penning 5/28/19

When the Family Cottage Is the Most Valuable Asset

People just don’t realize how emotional real estate is until they have to make the decision of what to do with it , especially heirs acquiring shared ownership after their parents’ death.