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Saving the Family Cottage: A Guide to Succession Planning for Your Cottage, Cabin, Camp or Vacation Home
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From the Publisher
The first attorney authored book written for the vacation home owner describes the problems inherent to shared cottage ownership and the concerns of parents who wish to pass it on.
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About the Author
Rose Hollander has spent more than 19 years working and living in the heart of Michigan cottage country. She was the legal assistant/paralegal in a law practice with her husband, Stuart Hollander, whose practice centered on estate planning to help families concerned about passing on vacation homes. Rose met with families, helped draft documents, and helped families administer the estate after a death. Rose graduated from Ithaca College. Before working as a legal assistant, she worked as a personnel representative for the Stanford Court Hotel and then as the assistant to the General Manager of the Four Seasons Clift Hotel in San Francisco. She then owned a catering business in Northern Michigan. Rose is a Great Books leader and chairman of the board of a large Montessori school, and is active on stage in community theater. She has published several essays about life "up north" and parenting.
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Product details
Series: Saving the Family Cottage: A Guide to Succession Planning for
Paperback: 240 pages
Publisher: NOLO; 3 edition (May 7, 2009)
Language: English
ISBN-10: 1413310346
ISBN-13: 978-1413310344
Product Dimensions:
6 x 0.8 x 9 inches
Shipping Weight: 12 ounces (View shipping rates and policies)
Average Customer Review:
4.7 out of 5 stars
95 customer reviews
Amazon Best Sellers Rank:
#526,053 in Books (See Top 100 in Books)
This book is full of excellent information on how to navigate share ownership of a property. It should be an essential part of estate planning and in every "family cottage" scenario. It is small and easy to read and indispensable.You may be able to forego many of the problems of family ownership if you pay heed to this book's contents and recommendations. My family would not...
This is a complete overview of options for legally setting up a family cabin to avoid problems of inheritance and multiple ownership.However, for me anyway, I could have just jumped to the LLC chapter and been done with it.The book cost a fraction of the $4500 I had paid a lawyer to help me and was not yet finished.When she asked for another 4 hours of work = $1600 to make 4 edits to the sharing agreement (which took 10 minutes for me) I bought this booked and finished the LLC myself....lesson learned.
The book addresses options for the owners to handle their property. The owners have an idea however the children are not viewing the property in the same light as the owner. The solution is not easy but the book presents some alternative ways to think about the property, children and grandchildren. Very good book to stimulate the thinking process.
As an attorney, I can confirm the concern that motivated Mr. Hollander to write this book. Many families are reluctant to deal directly with the ways succession can go wrong when it comes to vacation-type property. And go wrong, they can when a family cottage passes without a will or with a well-intentioned, but counterproductive "equal share" distribion plan. Using easy to understand case studies, Mr. Hollander explains how even the best intentions can go horribly wrong.His preferred device, the Limited Liability Company is a great solution that will accomplish the needs of most families. Ultimately, however, "Don't try this at home." You will still want to seek the assistance of counsel, unless you are looking at a very simple situation (or you are an attorney). However, this book will help you think through your ideas for succession and discuss them intelligently with co-owners. That, in turn, will let you make cost-efficient use of your attorney's time and limit the fees needed to save your cottage, or cabin, or condo, or boat, or you-name-it. Good luck.
This is the definitive book on how to set up the structure to preserve your family cabin to future generations. Many of our neighbors have bought this book. Most have converted their property to an LLC. We are in the process of doing so. Well done. An adjacent book to manage the use of the property would be "Cottage Rules" to go with this.
Great ideas in this book. I am an attorney and handle the transfer of many family cabins and this book taught me a lot. Well worth the price and highly recommended!
This book was so helpful. It was very beneficial to my siblings and me. My mother recently passed away and we wanted to keep her home in the family.
We have a family of 6 siblings who anticipate dealing with this situation in the next few years. Our biggest issue is there are siblings who are interested in keeping and some who aren't. This book poses very important questions to consider that are financial when some can't afford to hold on, but want to. Or financial splitting of maintenance costs. Or, what happens with ownership in successive generations.... Many options of titling future legal ownership. Great reference book!!!!!!!!!!!!!!!!!!!!!!!!!!! All of us siblings purchased this to read so that we would be more prepared. Try to get the owners (ex. parent(s)) to read this too, or at least share valuable info with them that you gain from this book.
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