Saving the Family Cottage: Creative Ways to Preserve Your Cottage, Cabin, Camp, or Vacation Home for Future Generations

nEstate planning for family cottages and cabinsn n nIt's never too early to take steps to preserve a beloved family property for generations to come. Shared ownership of vacation property--especially when the co-owners are family members--can be fraught with problems. The idyllic dream of a cottage getaway can be shattered when co-owners' emotions, financial concerns, and opinions on how the property should be used come into play.n n nFortunately, a solid plan that dictates how the property will be owned and managed can prevent squabbles over the family cottage. This book lays out a roadmap for creating and implementing this plan. It also explains how to identify properties that qualify as heirlooms worthy of a succession plan, and provides time-tested guidance on how to: n n n n- keep the peace among heirs n n- prevent a family member from forcing a sale of the property n n- keep your vacation home out of the hands of in-laws and creditors, and n n- smoothly transition ownership of the property from one generation to the next. n nn n nThe seventh edition expands on buy-out options for heirs, how to transfer the property to later branches of the family, and when it might be appropriate to form a nonprofit association to hold the property.n