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.
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.
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”.