COTTAGE SUCCESSION PLANNING
The “Cottage LLC” is an estate planning tool useful for joint ownership of your real estate after your death. When you own a cherished lake cottage or hunting lodge, don’t just leave it to your multiple children as part of your estate. Your children would inherit the property as tenants in common. The late Stuart Hollander, a transactional attorney from Suttons Bay and author of the helpful book Saving the Family Cottage, explained that tenants in common, (T.I.C.) stands for Trouble Is Coming. You will leave your heirs with a minefield of decisions, including forcing heirs to submit to untimely and undiscounted buy outs that may land your cherished family property on the open market instead of in the hands of your descendants. A limited liability company can be formed, effective immediately or springing upon your passing and you will set the rules for the future co-owners through an Operating Agreement you create.
The lawyers of Sterling Law can assist you with a Cottage LLC. When you call Sterling Law at 231-486-0559 about cottage succession planning, you can expect a short phone intake process. Your information will then be forwarded to one of our cottage succession planning attorneys for review and follow up with you.