Saving the family cottage
Book - 2009
Saved in:
- Subjects
- Genres
- Law for laypersons
- Published
-
Berkeley, CA :
Nolo
2009-
- Holdings
- CURRENT EDITION ONLY.
- Language
- English
- Corporate Author
- Corporate Author
- Item Description
- "A guide to succession planning for your cottage, cabin, camp or vacation home."
"Creative ways to preserve your cottage, cabin, camp, or vacation home for future generations" - Physical Description
- volumes : illustrations ; 23 cm
- ISBN
- 9781413332407
- Your Cottage Companion
- Part I. Cottages at Risk
- 1. Trouble in Paradise
- Time for a Plan
- The First Step
- 2. Avoid the Worst: A Partition Parable
- 3. Plan for the Best: Cottage Succession Goals
- Founders' Goals
- Heirs' Concerns
- Shared Concerns
- Part II. Choosing the Right Path
- 4. No Plan? Then 600-Year-Old Law Controls the Cottage
- Direct vs. Indirect Ownership
- Concurrent Ownership
- Tenancy in Common
- Nine Rules of Tenancy in Common
- 5. Other Animals in the Property Law Zoo
- Joint Tenancy
- "Indestructible" Joint Tenancy
- Tenancy by the Entirety
- Community Property
- 6. How a Plan Helps Save the Family Cottage
- 7. Short-Term Solutions
- Using Life Estates
- The Co-Ownership Agreement
- The Requirement of Sale or Short-Term Ownership
- The Heirloom Covenant 1
- Part III. Forming Your Entity
- 8. Choose the Right Legal Entity for Your Cottage
- Trusts
- General Partnerships
- The Limited Partnership
- The Corporation
- The S Corporation
- The Limited Liability Company
- Comparing the LLC to the Pretenders
- The Big Picture
- 9. When and How to Organize the Cottage LLC
- Now: The immediate Cottage LLC
- Later: The Springing Cottage LLC
- The Mechanics of LLCs
- The Role of the Attorney
- Part IV. The Details: Putting Your Cottage Plan Into Action
- 10. Welcome to the Club
- Who Is in the Cottage Club?
- The Branch Concept
- Forming a Nonprofit Association: A Possible Option in Some Rare Situations
- 11. Cottage Democracy
- Member Management
- Using Managers
- 12. Scheduling and Use
- Kinds of Sharing Systems
- Creating a Fair and Sustainable Cottage-Sharing System
- Cottage Users
- Unacceptable Behavior at the Cottage
- 13. Renting the Cottage
- Is Renting Allowed?
- Rental Operations
- Who Is the Landlord?
- Liability
- 14. The Cottage Safety Valve
- The Put Price
- The Discount
- The Put Terms
- Part V. Financing the Future
- 15. Minimizing the Federal Tax Bite
- Death, Taxes, and Cottages
- The Price Tag on Cottage Units
- Appraisals and IRS Reporting
- Be Aware of the Stealth Capital Gains Issue Created by Gifting
- 16. The Ultimate Gift: A Cottage Endowment
- What Is an Endowment?
- How Is an Endowment Established?
- Size of the Endowment
- How Do Heirs Feel About an Endowment?
- The End of the Endowment
- How an Endowment Is Used
- How an Endowment Is Managed
- Glossary
- Appendix
- Using the Downloadable Forms
- Editing RTFs
- List of Forms Available on the Nolo Website
- Index