Cottage Law
Posts Tagged “Cottage Law”
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Varnum Partners with Plante Moran to Present Financial Planning/Cottage Law Seminar
October 30, 2012Protecting the family cottage—and preparing the next generation to own and manage it in the future—means taking the initiative now. Plante Moran Financial Advisors and Varnum will hold a free seminar on cottage law planning as a part of your larger financial plan. This short, information-packed seminar will help you determine what you need to do to ensure the best outcome for your family-owned cottage.
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What Can a Cottage Plan Do for Me?
March 8, 2012Joint ownership provides an interesting planning tool for property tax issues, however, it is not a silver bullet for cottage owners. Joint ownership does not address the concerns regarding the future management of the cottage, which many times will outweigh any tax concerns cottage owners have. A complete cottage plan should not only address issues related to taxes, but also issues related to the future management of the cottage.
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Avoiding an Uncapping of Property Taxes: Klooster v. City of Charlevoix
January 24, 2012A common concern among Michigan homeowners is the dreaded “uncapping” of real estate taxes. But the rules in this regard are somewhat confusing. In general, for as long as someone owns a parcel of real estate, the “taxable” value of that property remains “capped” and increases only incrementally from year to year. However, when property is conveyed to another party, a “transfer of ownership“ usually occurs and the property taxes are uncapped.
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What is an LLC and How Does an LLC Work?
January 17, 2012Many cottage owners have heard of others who have established a “Cottage LLC”. But what exactly does this mean? What is an LLC? How does an LLC which owns a cottage work and why would someone use an LLC to own his or her cottage?
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Joint Tenancy and Cottage Ownership
December 20, 2011The concept of joint tenancy is important when it comes to cottage ownership. Sometimes, using a joint tenancy might be considered as a means to pass the cottage to descendants. Or, perhaps there are already several owners of the cottage. Michigan recognizes four types of joint ownership: tenancy in common, joint tenancy with rights of survivorship, joint tenancy with full rights of survivorship, and tenancy by the entireties.
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How to Winterize Your Cottage
November 30, 2011Although the weather in Michigan has remained unseasonably warm for mid-November, snow is on its way soon. For cottage owners, that means it is time to winterize the cottage. Winterizing your cottage may sound intimidating, but for many cottages it only entails a few relatively simple steps.
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