Description
No matter whether you're planning to pass on a cottage to your children, or you've inherited a cabin with your siblings, it's never too early to take steps to preserve a beloved family property for generations to come. Shared ownership of vacation property--especially when the co-owners are family members--can be fraught with problems. The idyllic dream of a cottage getaway can be shattered when co-owners' emotions, financial concerns, and opinions on how the property should be used come into play.
Fortunately, a solid plan that dictates how the property will be owned and managed can prevent squabbles over the family cottage. Saving the Family Cottage lays out a roadmap for creating and implementing this plan. It also explains the possible pitfalls of co-owing a family vacation property, and provides time-tested guidance on how to:
- keep the peace among heirs
- prevent a family member from forcing a sale of the property
- keep your vacation home out of the hands of in-laws and creditors, and
- smoothly transition ownership of the property from one generation to the next.
The sixth edition includes an expanded discussion of legal issues that might arise from renting out a family cottage or cabin on a short-term basis. It's also updated to reflect current tax and legal entity laws.
Author: Stuart J. Hollander, Rose Hollander, Ann O'Connell
Publisher: NOLO
Published: 02/23/2021
Pages: 240
Binding Type: Paperback
Weight: 0.65lbs
Size: 8.90h x 5.90w x 0.70d
ISBN13: 9781413328264
ISBN10: 1413328261
BISAC Categories:
- Business & Economics | Real Estate | General
- Business & Economics | Personal Finance | Taxation
- Law | Property