Cottage Succession Planning
Keeping the cottage in the family. It’s something all cottage owners consider at some point or another, particularly if your cottage has been a family retreat, enjoyed by the whole family.
But it’s not always as easy as one might hope. There are tax implications, different from a principle residence.
There are also family considerations, such as what member or members of the family it is to be left. Would siblings be able to share the cottage without fighting? What about their spouses, would they be interested?
So it goes, lots to consider, but it isn’t impossible. But it does involve some planning and according to the experts, successful succession planning means planning early, to prevent family rifts and legal complications down the road.
You can read more about it at CottageCountryNow.ca here: Plan Now To Keep The Cottage In The Family
For further information, consult legal council and I recommend this book: Saving the Family Cottage: A Guide to Succession Planning for Your Cottage, Cabin, Camp or Vacation Home
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