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.