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.
Sterling Law areas of practice include specialization in advocacy and divorce tailored for men. Sterling Law has a strong and successful history of representing both women and men in all areas of family law, including divorce.