Saving the Family Cottage: A Guide to Succession Planning for Your Cottage, Cabin, Camp or Vacation Home Fourth Edition

This book covers a constellation of often difficult-to-face issues that need to be considered in developing a plan for preserving a beloved property. It also acknowledges, using familiar situations from real life, the hard truth that heirs are bound to have differing perspectives on the vacation home. It discusses strategies to soften the potential conflicts that can serve to sour family feelings and destroy any pleasure in owning and visiting the vacation home.The LLC as a solution has become, by now, a familiar tool when it comes to family ownership of a vacation home. Rated 4 instead of 5 stars because a new edition might be needed to address the problems that growing families (children/grandchildren of the "founders") continue to encounter even after an LLC agreement is in effect. Cross-border issues (US-Canada), can become complicated, rising expenses/property taxes can deplete the "ultimate gift" of an endowment faster than expected, and strategies for protecting an existing endowment or even replenishing and/or enlarging an existing one can be explored, along with the potential tax and other implications of such strategies.

A "must" read for anyone who wants to see a piece of family property be passed on without problems. NOLO is known for its readable, legal titles and this one is no exception. Blending clear explanations of the possible legal options as well as noting the strengths and weaknesses of each, the book will help you decide the best route for your circumstance. Stories illustrate their points, making it very down-to-earth. The book will also guide you through the discussions that you need to have with your family in order to set something up.By the end of the book we had begun drafting an outline of directions for our descendants using their examples. Yes, it is work to do this but in the end we are saving our family from dissension down the family line in the future. Also, when we go back to our lawyer we will have a working document that should save him time and us money.

There is much to be learned about structuring an LLC to govern the operation of and handing down ownership of a family owned vacation cabin/cottage and this book is good start. But one of the aspects I got tired of was the 'sales job' of introducing the topic. Then as the details began to unfold, I thought my eyes would roll back in my head with the fog of legalese of the last few chapters. It's probably just me because I haven't been able to keep up with my own attorney as far as understanding the topic and the process of implementing this for our cabin. The bottom line is that the book introduces the concept pretty well.

The book was delivered promptly and was just what they claimed it was. It will be some time before I find out if it does guide us thru the process of leaving our home to the kids and grand-kids. It has certainly opened our eyes to a lot of problems and potential problems. It remains to be seen if the solutions offered work.

Great book for forming a Family LLC and constructing an operating agreement. It encompasses many different strategies and tactics and realistically addresses the pieces and decisions that need to be to put together and made for a good and solid agreement, that will hopefully stand the test of time.. A better index would be nice. I bought half a dozen copies for me and my siblings and am using it as a guide. Some of it is quite humorous because it's true. A comprehensive fully searchable pdf would also be nice.

This paperback book was recommended by a highly respected lawyer in my state. The family summer house has been used and owned for 50 years and the ownership is devolving on to the third generation. How to create a plan to keep this beloved house in the family? This is not so easy to do with all the complexities of a big complicated family? This is the right book to study if this transition is going on in your family. You do not have to be a lawyer to understand this readable book. It could change your family life for generations to come

Read this book before you pay a lawyer. THEN make sure your lawyer reads the book before you waste your money AND your relationships with any potential co-owners of a beloved family property. This book saved my family from a horrible pending leagal snarl which could have cost us thousands in dollars and untold emotional trauma to family relationships. Worth every penny. Everyone involved should own their own copy and highlight the parts that mean something to them. Then discuss, make a plan and THEN email it to your lawyer and all others concerned before you start paying the big bucks for the NECESSARY legalese!

In an easy-to-read, helpful format, this book offers practical, specific advice for owners of family vacation homes who would like to see their children and grandchildren preserve these places and traditions of family fun and togetherness. We own a lake cottage in Minnesota, which we would like to see kept in the family. This book laid out a plan on how we might do that, with good advice on handling the legal, financial and family-dynamics questions that such a wish involves. The author explores all the pitfalls and possibilities in clear, concise language. Highly recommended!