Cottage Law
Posts Tagged “Llc”
-
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?
Read More » -
Cottage Planning: Dealing with Estate Taxes, Part II
June 22, 2012Part 1 of our "Dealing with Estate Taxes" blog addressed the use of a qualified personal residence trust (or "QPRT"). But using a QPRT only works in certain situations and requires a settlor to willingly give up the cottage at the end of the QPRT term.
Read More » -
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.
Read More » -
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?
Read More »