Saving the Family Cottage: A Guide to Succession Planning for your Vacation, Cabin, Camp or Vacation Home
Saving the Family Cottage: A Guide into Succession Planning for your Vacation, Cabin, Camp or Vacation Home
Description:
Keep your home in the family with The Definitive Guide into succession planning.
Now released by Nolo
, Saving the Family Cottage is written in plain English of estate planning & inheritance law expert Stuart Hollander & David S. Fry into help you when planning your vacation home right on & keep it in the family. Complete with real examples & stories of cottage “wars” gone wrong, breaks down in this book is essential for the transfer of your holiday accommodation for the next generation.
Find out how to: find out
with co-owners who do never pay their assessments
Edition acknowledged the addition of attorney David S. Fry as the author of the book & sequel into the author’s cottage law practice. The updated third Edition is at present released by Nolo & was revised into the latest state & federal rules that apply for vacation home owners, including fully up-to-date information, estate tax application.
Rating: 
(of 46 votes)
List Price: $ 29.99
Price: $ 18.76
Built into Sell: Turn Your Business Into One you can sell
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Rating: 
(of 23 votes)
List Price: $ 17.95
Price: $ 11.51
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Tags: Cabin, Camp, Cottage, Family, Guide, Home, Planning, Saving, Succession, Vacation
July 8th, 2010 at 12:56 pm
Review by Chava Bahle for Saving the Family Cottage: A Guide to Succession Planning for Your Cottage, Cabin, Camp or Vacation Home
Rating:
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.
July 8th, 2010 at 1:35 pm
Review by ExecutorCoach.com for Saving the Family Cottage: A Guide to Succession Planning for Your Cottage, Cabin, Camp or Vacation Home
Rating:
This is a good little book. It is well worth the read for anybody interested in estate planning. People who have a cottage, a vacation home, a farm, a retreat or some other form of real estate that the family tends to enjoy should read this book if they want to keep that property IN THE FAMILY for generations to come. And attorneys that do estate planning work would do themselves a favor to read this book so they can provide the best legal help possible when providing their services. This book is not a form book, but it provides enough information on the topic that any competent attorney can put together the appropriate Operating Agreement templates in order to carry out what this book explains is possible.
I must say I think the author is to be commended for writing this book. Clearly it is a marketing piece for his law practice. But it is not just that – it provides provides value in a niche that has not been written about before. The book is broken into four parts:
I. Cottages at risk (1-3)
II. Choosing the right path (4-7)
III. Cottage plans in action (8-14)
IV. Creating a cottage legacy (15-16)
And the book is comprised of 16 chapters:
1. Trouble in paradise
2. Avoid the worst: A partition parable
3. Plan for the best: Cottage succession goals
4. How to plan helps save the family cottage
5. No plan? Then 600-year old law controls the cottage
6. Other animals in the property law zoo
7. Short-term solutions
8. Choose the right legal entity for your cottage
9. Welcome to the club
10. When and how to organize the Cottage LLC
11. The cottage safety valve
12. Cottage democracy
13. Scheduling and use
14. Renting the cottage
15. Minimizing the federal tax bite
16. The ultimate gift: A cottage endowment
I found the book a bit repetitive. It was not tightly written. I would have enjoyed it a lot more if the problem of partitions had been stated once up front, and then the book could have moved on. Instead I kept hearing about partitions throughout the book.
In estate planning there is much written about how it is nice to put your major assets in a living trust so the courts (probate court) cannot get involved in the estate settlement process. Whenever courts have to get involved in a matter there is such a loss of control by the litigants. In the instant book, the author explains that it is nice to put your cottage, vacation home, or family retreat into a Limited Liability Company (LLC) so family squabbles down the inheritance line typically won’t be mediated by the courts. The other nice thing if the Operating Agreement is drafted well is that there probably won’t be family squabbles. What the author proposes is really a good idea. When the original owner of the cottage dies, the beneficiaries of the estate will take title to membership interests in an LLC, not ownership interests in real estate. As a result, partition of real estate interests is not an option in a dispute. 4 stars!
July 8th, 2010 at 2:22 pm
Review by L. Gildart for Saving the Family Cottage: A Guide to Succession Planning for Your Cottage, Cabin, Camp or Vacation Home
Rating:
The authors offer a clear and highly persuasive discussion of the Limited Liability Company as a device for minimizing family strife and preserving family real estate over time. Nolo-published products always rate high on my readability scale versus other legal publishers’ treatises and textbooks.
However, in their efforts to advocate for this particular means of preserving a particular kind of family property, the authors utterly failed to mention, let alone discuss, the fact that an LLC, like its close relative the corporation, can be treated as a nullity if its members fail to meet certain conditions or if they engage in certain misbehavior.
Veil-piercing is never mentioned, never discussed, even though the family-owned and run LLC the authors recommend setting up will be ripe for the very kinds of abuses (commingled funds, members who commit torts while on LLC-owned property, failure to file forms or pay franchise fees) that would lead a court to utterly disregard the fictitious entity.
This is a shame, because, while the book is very helpful to someone like me, who would use it as a starting point from which to recommend a comprehensive estate plan, it may be misleading to a lay person. I would have given it four stars if it had included a caveat about the potential for disregard of the quasi-corporate entity, five stars had it included a whole chapter.
July 8th, 2010 at 2:26 pm
Review by Tetsu Uma for Saving the Family Cottage: A Guide to Succession Planning for Your Cottage, Cabin, Camp or Vacation Home
Rating:
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.
July 8th, 2010 at 3:04 pm
Review by TheBandit for Saving the Family Cottage: A Guide to Succession Planning for Your Cottage, Cabin, Camp or Vacation Home
Rating:
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.
July 8th, 2010 at 3:10 pm
Review by Marie Tarrant for Built to Sell: Turn Your Business Into One You Can Sell
Rating:
Built to Sell is a simple and practical must read for anyone who is building a business. It summed up a lot of issues and challenges that many business onwers grapple with. It is a great blueprint to follow. It was easy to read, easy to understand and easy to describe to someone else. This is exactly what makes a great story. Forgot theory and 100,000 foot thinking – this is a hands-on action plan told in an entertaining way.
July 8th, 2010 at 3:50 pm
Review by John F. Lehman for Built to Sell: Turn Your Business Into One You Can Sell
Rating:
Built to Sell
by John Warrillow
flipjetmedia, 2010
160 pages, $25.95
THE GOOD
This is a book every entrepreneur must read, whether or not they are going to sell their business. Years ago I read a book stating that there are people good at starting an enterprise, those who can make it profitable, others who excel at sustaining it and finally, a unique few individuals who can figure out how to profitably get out from under it. A business needs all four. This book dramatizes how one person can accomplish each of these steps. As someone who ran a small ad agency for ten years like the one used as an example, I didn’t see the slightest misstep in this examination of the ups and downs of owning a business. We all need a light at the end of the tunnel.
THE BAD
According to the author the secret to business success seems to be to move from a service provider to providing a unique product (or product-like service). Two problems: 1) There are businesses that don’t follow this model that are successful, 2) Things change and the context in which these products are offered is variable.
& WHAT BUGS ME
Oh, how I wish I could have had this book back then! These are the elements a business owner needs to come to terms with (and some of the reasons why he or she has a hard time doing that). $[...] is expensive for a little book, but it is the best business investment you will ever make.
Buy It: X Library: Skip It:
John Lehman, [...]
July 8th, 2010 at 4:15 pm
Review by John Jantsch for Built to Sell: Turn Your Business Into One You Can Sell
Rating:
Every business owner should read this book twice – once before they start their business plan and once after they finish it. Not every business is started with the intent of being sold, but if you grow a business to the point where it pays the bills and you want it to be more than a job, you’ve got some things to consider as you evolve. Doing the things right now that can make your business built to sell is just smart business and I think this is one of the first books I’ve read that presents the right way to look at your business and the simple, practical steps you can take to get the most when it’s time to move on or retire.
John Jantsch author of The Referral Engine: Teaching Your Business to Market Itself
July 8th, 2010 at 5:01 pm
Review by Jeremy S for Built to Sell: Turn Your Business Into One You Can Sell
Rating:
I was excited to order and recieve this book in the mail after reading all the positive reviews. What the hell!? Did the author pay for or write these reviews? This book is TERRIBLE. It is written in story format rather than an instructional format, so you have to read these fictional stories and try to get the “tips” or messages out of the story in order to get any usefulness out of the book. Ok, so I went though the book and wrote out all the tips on a piece of paper. Now that I am looking at the paper I see that 90% of these tips are obvious common knowledge, and the otehr 10% don’t apply to me.
To say the least, I am dissapointed, not only in the book, but the lack of accurate reviews
July 8th, 2010 at 5:54 pm
Review by Shallie M. Bey, Jr. for Built to Sell: Turn Your Business Into One You Can Sell
Rating:
If you are like most entrepreneurs, you are building your business primarily to give yourself a job. This is true not only for baby boomer entrepreneurs, but entrepreneurs of all ages. If you are currently, or hope to be, one of the owners of the 23 million businesses in the U.S., and don’t want to explore being able to build a business you can sell to someone else, this book is not for you.
However, if you want to maximize your options, this is the book you seek. If you want to be the 1 out of 100 business owners who have something of value that someone else would want to buy, this could be the book for you. If you are tired of the typical chaos of small business or you are tired of the business practices that make most service businesses unsellable, you may want to look over the shoulder of Alex Stapleton, the owner of the business discussed in this book. Learn why building a sell-able business might be your best option.
Following Alex through this fictional account as he learns how to build systems and a management team will expose you to new options. Even if you are already a fan of E-Myth’s Michael Gerber, you will gain new insights on how to “work on your business and not just in it”. Through his story, author John Warrilow shares the benefit of much experience in actually doing what he teaches you to do in the book. You will learn what to do, how to do it, why to do it, when to do it, and how to handle situations with conflicting priorities. He even gives you an “8 Step Model For Selling Your Business” in the recap of what you should learn.
As baby boomers, a new business may be the best bet for a comfortable retirement. If you are already a baby boomer entrepreneur looking to downsize and form a different business, this book may help you. If your goal is to get freedom with your time, I recommend you take a look. You might even only want to sleep better knowing that you could sell your business if you want to do so.
READ Built To Sell if you want to know:
1. How long it will take you to prepare your business for sale.
2. How to find prospective buyers.
3. How to avoid being taken advantage of by your advisers or your prospective buyers.
4. How to reward your management team for helping you build a sell-able business and make them willing to stay with the business when you leave.
If you are a baby boomer entrepreneur, you will be delighted to learn how to turn your business into one you can sell. Of course, this is true for entrepreneurs of all ages.