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I first learned of "Saving the Family Cottage: A Guide to Succession Planning for Your Cottage, Cabin, Camp or Vacation Home" by Stuart J. Hollander, Rose Hollander, & David S. Fry a couple of years ago from a fellow attorney who recommended it. This is a very good book if you plan on passing on a cottage or vacation home to your children, if you have inherited a cabin with siblings or other relatives, or you just want to know how to keep property in the family and reduce or avoid the squabbles over it.
It's a short book of 188 pages, with a glossary and bibliography that push it over 200. It is easy to read and answers the questions you need answered regarding the topic, and provides guidance on how to best find solutions for families who want to preserve vacation homes for generations to come, especially when family members have different interests and financial situations. It also lets you know how to best use a lawyer to assist you with the process.
Part One: Cottages at Risk contains three chapters that focus on why you need a plan and what the first step should be, avoiding the worst, and planning for the best. These chapters get you thinking of objectives and possible concerns.
Part Two: Choosing the Right Path is divided into four chapters that deal with how plans help, what happens when you don't have a plan, legal types of ownership such as Tenancy in Common, Joint Tenancy, Community Property, and a few others. There is also a short chapter on using life estates and ownership agreements.
Part Three: Cottage Plans in Action discusses the legal entities available for your cottage such as partnerships, corporations, and Limited Liability Companies. The book recommends LLCs, and provides guidance as to why and how to go about forming one for the purpose of owning the vacation home. Chapters also cover topics like scheduling and use, and renting the cottage.
Part Four: Creating a Cottage Legacy contains two chapters that provide some basic information related to taxes and endowments.
If you own a cottage, cabin, vacation home, or whatever you want to call it, this book is a valuable read regarding the issues that arise when wanting to keep the property in the family. Use this guide along with your attorney to make the best possible succession plan to eliminate headaches and troubles for you and those you are leaving the property to.
Alain Burrese, J.D. is a performance and personal development expert who teaches how to live, take action, and get things done through the Warrior's Edge. Alain combines his military, martial art, and Asian experiences with his business, law, and conflict resolution education into a powerful way of living with balance, honor, and integrity. He teaches how to use the Warrior's Edge to Take Action and Achieve Remarkable Results. Alain is the author of Hard-Won Wisdom From The School Of Hard Knocks, the DVDs Hapkido Hoshinsul, Streetfighting Essentials, Hapkido Cane, the Lock On Joint Locking series, and numerous articles and reviews. You can read more articles, over 100 reviews, and see clips of his DVDs as well as much more at http://www.burrese.com/
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