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Our Practice
Cottage Law
"Cottage law" refers to the legal tools used for cottage succession planning. The goal of cottage succession planning is to set up legal ground rules that provide the best chance to keep a cottage in the family for multiple generations. Cottage law draws on legal concepts from estate planning, real estate and business law. A cottage plan usually addresses these concerns through the creative use of a limited liability company (LLC) to own the property.
Properly crafted, the LLC's Operating Agreement covers such topics as who can own a share of the cottage, who pays to maintain it (and what happens if they don't), who gets to use it and when, how to make decisions regarding the property, and how to respond when an owner wants to get out of the arrangement for any reason. Beyond those basics, each plan can be "customized" for the individual family, and may include any other subject that is likely to be the source of friction or conflict among family members of the next or succeeding generations of owners.
Cottage Law Practice
David S. Fry has worked with clients all over the United States to create specialized cottage succession plans that fit the needs of their individual families. Each family has different needs, resources, objectives and concerns, and the plan for their cottage must be tailored to fit their circumstances and meet their requirements. Mr. Fry specializes in the field of cottage law, drawing on his legal experience in the areas of business planning, real estate and estate planning. He has worked with clients on their cottage law needs for over 10 years, and has written cottage plans for families all over the country.
Legal Experience
Mr. Fry has over 30 years of experience in business law, real estate and estate planning matters. In addition to extensive experience in private practice, he has served as head of the legal departments for 2 major manufacturing corporations, and has in depth experience in business transactions, buying and selling residential and commercial real estate, preparation of wills and trusts and related issues. As a fourth generation cottage property owner, he brings a unique perspective to the cottage planning process. He has seen first hand the family and legal issues involved in vacation property ownership and transferring that ownership to younger generations.
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