Cottage Law
Posts Tagged “Cottage”
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Spring Landscaping Tips for Cottage Owners
March 27, 2013Now that the snow is starting to melt and spring is right around the corner, it's time to start thinking about getting your yard (both at your residence and at your cottage) looking good for the warmer months. Here are some useful spring landscaping tips to help you get started.
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Bill to Prevent Cottage Uncapping Signed Into Law
January 2, 2013On December 27, 2012, HR-4753 was signed into law by Michigan Gov. Rick Snyder. As stated in our previous blog, "HR-4753: An Early Christmas Gift for Michigan Cottage Owners!", this bill allows parents to transfer residential real estate to a… Read More » -
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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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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Proposed Legislation to Prevent Cottage Uncapping – A Benefit to Cottage Owners? Or a Planning Curse in Disguise?
October 9, 2012The Michigan legislature is currently considering a new bill which may limit the harsh effects of uncapping on cottage owners. As previously discussed in this blog, when a parent passes a cottage onto a child (or children), the taxable value of the cottage typically increases – sometimes dramatically – because the taxable value may have been "capped" for many years while the parents owned the cottage.
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