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	Saving the Family Cottage: A Guide to Succession Planning for Your Cottage, Cabin, Camp or Vacation Home
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	Features	ISBN13: 9781413310344 Condition: NEW Notes: Brand New from Publisher. No Remainder Mark.
	Categories	Textbooks Trade-In & Buyback   Personal Taxes   General   Property   Real Estate   Wills   Estates & Trusts   Paperback   Printed Books
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Description
Keep your vacation home in the family together with the definitive guide to succession planning. Now published by Nolo, Saving the Family Cottage is written in plain English by estate planning and succession attorney-experts Stuart Hollander and David S. Fry, to help you plan to pass on your vacation home and keep it in the family. Complete together with real-world examples and stories of cottage "wars" gone awry, this book breaks down the essentials for passing your cottage to the next generation. Locate out how to: figure out which estate planning entity is right for you and your family develop a cottage schedule deal together with co-owners who fail to pay their assessments decide whether to establish an endowment allocate control between and inside generations of owners Although the term "cottage" is used throughout, the practical advice from the authors applies to any property this a family wants to retain. Together with information for owners, attorneys and financial planners, this guide to succession planning makes a advanced problem understandable and proposes concrete answers to what can be a delicate family matter. The 2nd edition acknowledged the addition of Attorney David S. Fry as an author of the book and successor to the author's cottage law practice. The updated 3rd edition is now published by Nolo and has been revised to contain the latest state and federal rules this apply to vacation home owners, counting fully up-to-date estate tax information.
Customer Reviews
Well Written   2010-02-27
By Matthew J. Kriegel
Well written book. Author discusses several real world situations, and describes outcomes of proper vacation home death planning, and consequences of non-planning or avoidance. You do not have to be an attorney, financial planner, or accounant to read this book. It is a benefit for anyone who owns a vacation property. Book does not describe state specific strategies, but is more of a general planning and idea guide.
helpful book   2009-11-30
By Krista Werner
Saving the Family Cottage has been extremely helpful to our family. Two sets of aging sisters and their husbands owned the cabin and we needed to pass it on to the next generation. This book explained exactly how to proceed.
Eminently Practical   2009-11-24
By Theseus (US of A)
The audience for this book is (sort of obvious) a person or a family with a second home that has become a financial burden. Like most of these NOLO books, this is a practical piece of work with lots of information about estate planning, real estate law, and tax planning. It assumes that you aren't an idiot, but that you'll eventually need professional resources to secure the future of the "family cottage." Cottage? Sounds so quaint. Who still really uses that word? It seems to me as if this book fully accomplishes its goals. The prose here isn't brilliant, but it gets the job done. Some of the practical advice that I found useful included: the importance of having a firm plan in place (not simply moving along from quarter-to-quarter, hoping that things stay in the black!) the ramifications of making the home an LLC; strategies for renting; planning to minimize federal tax liabilities. I'm sure a lot of this information is available in various estate planning and wealth management books, but I don't have time to pour through them. Thus, I REALLY appreciated the compartmentalization here.
Just what I needed   2009-10-14
By N. Berry (USA)
Having two different camps owned by multiple family members in my immediate family, this book was very informative of some of the pros and cons of different ways of managing and transitioning ownership. One of my goals for 2010 is to put into action a more formal plan for the ownership of these camps. Some of the issues (scheduling, renting, etc) have not been issues for us to date, but could be down the road. What could sound like a very dry topic reads VERY easily, of course if it's something that you have or will have to deal with.
Hated it   2009-09-30
By K. E. Steelman (Dacula, GA United States)
I have been involved recently with Trustees, Estates and Lawyers, so I have read a lot of books on boring and dry subjects to place myself in a position of knowledge of how to deal with wills and trusts. As my parents and relatives age and die, this has become an uncomfortable legacy of paperwork and familial tug-of-wars that are at best sorrowful and at worst the initiator of migraines. I looked at this book as a possible way to avoid some of the end-fighting that inevitably comes with the break up and distribution of property and wealth. No such luck.... The book was rambling and convoluted and lacked concise and easily followed methods to setting up (in this case) the family cottage. I was in hopes that what I learned from this book, I could apply to other family shared heirlooms or property. This book was full of scenarios of "what if", but lacked the clear cut advice that I would have liked to have gotten from a legal individual. In short, it was more confusing than my lawyer and just as long winded. Only good thing is that I wasn't paying for this book by the hour. Bottom line is that I am still looking for my reference book on the subject of setting up the family cabin on the lake before mom and dad die.... My advice is that you should keep looking too.