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

Providing for the future of a non-severable/non-divisible asset such as family vacation property or cottage can be difficult. Without a succession plan, difficulties between siblings or groups of heirs who inherit or even financial difficulties can force the sale of a cherished family cottage. To address this, the publisher, Nolo, and the authors provide basic information for those facing this situation. The book is in four parts which are: Part 1: Cottages at Risk. Identifies the need for including a succession plan for cottages and vacation property in estate planning. Part 2: Choosing the Right Path. Details the problems which can occur without a succession plan. Part 3: Cottage Plans in Action. Discusses different types of succession plans while building a case for the author's favorite - the Limited Liability Corporation (LLC). Part 4: Creating a Cottage Legacy. This section mentions ways of providing the funding for maintaining the cottage legacy. While this was written by lawyers, it is not filled with "legalese" and jargon which makes it a fairly easy read. Most chapters include a example which illustrates related problems and gives the reader the appropriate amount of scare. It is clear that the authors consider the LLC to be the best option, however they also encourage the reader to seek legal counsel concerning specific situations and local laws. I found the book to be useful and an appropriate for those making decisions about their estate and I recommend it to anyone with a desire to preserve a property legacy for future generations to enjoy.

Having read a couple of informative Nolo books previously, I expected this one to be worth taking a look at. I was correct. Basically this book is recommended to anyone who owns property and wishes to inform themselves on how to be a better manager when it comes to allocating rental time to people, be they family or otherwise, for using the "cottage." Don't let the term frighten you, it connotates different things for different people (i.e. a very small, quaint, dwelling) but the book is aimed, as the subtitle makes clear, and anyone who owns a vacation home or even campgrounds or cabins. There is legal advice that should be very helpful to even the most uninformed layman. Be advised, this is a terrible market right now for property, both for the prospective buyer and the owner. This is perhaps an odd volume for these economic times, but nonetheless if you have a specific need for a book like this - it's hard not to suggest grabbing a copy.

This is an excellent book, very well-written. The author advocates for use of limited liability corporations, but sets out some information about the other choices. It is very easy to understand -- not always the case with books presenting legal concepts.

This is an absolute must read for anyone who jointly owns or is thinking of jointly owing a cottage. We wish this book had been available several years ago. Do not hesitate, order yours today.

Saving the Family Cottage contains essential information for any family or individual who owns a cottage. When planning for ownership succession, many cottage owners will leave details of future plans to surviving children or other heirs. This may be easier for the current owner, but often leaves those who inherit with siblings (or others) in complex, emotionally charged and financially strained situations. This book is clear in evaluating several options for ownership succession and offering the author's copious experience as an estate planning attorney for best results. The book is written with warmth and wit and is highly readable, a rarity when wrestling with such topics. I highly recommend the book for anyone who loves a family cottage and wishes for future generations within the family to do the same. This books eases the process of cottage ownership succession planning with grace and clarity to ensure a peaceful outcome for everyone involved. What a gift to have an understandable, reasoned and compassionate approach to sharing the place we treasure the most.