Cottage Law
Posts Tagged “Cottage Planning”
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HR-4753: An Early Christmas Gift for Michigan Cottage Owners!
December 20, 2012On December 14, 2012, House Bill 4753 was ordered enrolled by the Michigan legislature. This bill amends the General Property Tax Act to allow parents to transfer residential real estate to a child(ren) without triggering an uncapping of the property taxes.
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Who Controls a Cottage if it is Transferred to an LLC?
November 12, 2012Who controls a cottage after it is transferred to a limited liability company ("LLC")? Will an owner or co-owner lose control over the decisions related to the cottage if it is transferred to an LLC?
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Cottage Planning: Dealing with Estate Taxes
March 19, 2012Over the years, the need for estate tax planning has changed as federal law has decreased the number of individuals who will actually pay any estate tax liability. However, due to the uncertainty in this planning and the fact that absent a change in the law many more individuals will be subject to the estate tax in 2013, estate tax planning is still a valid issue for many couples.
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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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Top 5 Concerns of Cottage Owners
November 17, 2011For many, the family cottage is a place for relaxing, swimming, playing and most importantly – for spending time with family. Often, the family cottage is an individual’s most important asset, both financially and emotionally. Unfortunately, the family cottage can also be a source of stress. Complaints about family cottages vary from family to family, but they can usually be grounded into five categories.
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