Welcome
The family cottage has been a source of pleasure, family bonding, and individual rest and relaxation many families have enjoyed for years, frequently over several generations. Whether it's a million dollar second home on the big lake with enough bedrooms to accommodate several families, or a log cabin in the woods with screen doors that don't close, windows that leak and a few feet of frontage on a secluded stream, for many families "the cottage" is a place with cherished childhood memories that owners want to preserve for younger generations. The focus of our law practice is working with cottage owners to accomplish this objective.
"Cottage law" refers to the legal tools we employ in cottage succession planning. The goal of cottage succession planning is to establish a legal arrangement that keeps a cottage in the family over multiple generations. The arrangement is a success only if it is perceived to be fair by each successive generation of owners.
Why Develop a Cottage Plan?
Simply leaving the cottage to all members of the next generation "in equal shares," means that everybody has to agree on everything, or you have a mess at best, and a lawsuit at worst. Virtually every family will have members of the next generation with different economic resources, different views of how much they can afford to spend on vacation property, and different opinions on how to make decisions affecting the property. Parents who don't take these differences into account are doing no favors for their children and grandchildren when they leave it to others to figure out how to handle tough decisions on the cottage. In addition, failing to plan doesn't account for the consequences of a child's leaving his share of the cottage to a spouse, the hardship on a child who can't afford to maintain his share of the cottage, or the child who would rather have a share of other assets than a share of the cottage. Finally, without some plan for allowing a graceful exit from the cottage for those who want out, leaving no plan in place simply means the next generation will be left to "duke it out," as one parent described to me. The long term consequences of this can be disastrous to the family relationships.
Cottage law expertise
David S. Fry, of Blakeslee, Fry & Scales, PLC, in Rockford, Michigan, is a fourth generation cottage owner and well versed on the issues of cottage succession planning.
David acquired the cottage law practice started by late author/attorney, Stuart J. Hollander, who passed away in August 2007, and contributed to the next edition of Hollander's book, Saving the Family Cottage. David has considerable experience in the field of cottage law, having worked for a number of years with individuals and families to develop plans that meet their needs. He is ready to assist you with your cottage succession plan.
|
|
Cottage Succession Planning seminars
Attorney David S. Fry is available to speak to your group on the subject of sharing and passing on the family cottage to future generations. Contact David at 616.866.9593. |
|
 |
  |
|
