Cottage Law Cottage Law is the practice area of Wright Penning & Beamer focused on family cottage sharing and cottage succession planning. Our Suttons Bay office in the historic Depot is known nationally as "The Home of Cottage Law."
"The Home Cottage Law" Wright Penning & Beamer acquired the general law practice of the late Stuart J. Hollander, located in the historic Suttons Bay Train Depot, at the end of 2007.
A centralized office in the Grand Traverse area in Leelanau County enhances our local involvement with our family of clients in northern Michigan - from Clare clear north of the Mackinac Bridge! Living and working in this community lets us know first-hand many day-to-day issues facing their families, property, industries and businesses.
Cottage Law Practice Areas Areas of our Cottage Law Practice: Cottage Succession Planning, Estate Planning, Succession Planning, Real Estate and Property Tax Appeals and Related Matters
Cottage Sharing Guidelines
Scheduling Time to Enjoy the Family Cottage!
Scheduling and Use is an important part of the Cottage Succession Plan's Operating Agreement. Without a clearly defined schedule of use and cottage sharing guidelines for family members you are keeping the door wide open for family conflict and ugly power struggles between siblings and cousins over prime-season cottage use and off-season cottage use.
When you are creating the scheduling for sharing the cottage think it through. What are your family traditions, and what are the overall needs of your family?
You also need to determine two other things. How is time divided, and who may use the cottage. You have to take into consideration the reality of having to make decisions about parents, young (and inclined to party) relatives, renters, guests, pets, and the surviving spouse of a sibling.
Cottage Sharing Guidelines
KEEP IT SIMPLE!
Use ownership share "units" of the cottage in proportion to use
Make it mathematically fair
Find a way to respect family traditions, main holiday family gatherings, and how your family likes to gather (or not)
If family wants rental income schedule it in
Incorporate a way for members to exchange their time slots if they desire
A protective cottage plan An LLC entity shields cottage owners from claims of creditors of the entity.
Planning to avoid a crisis Why should your cottage be in jeopardy and need saving? Cottage Law expert, Dan A. Penning has invaluable strategies to proactively plan how to protect your cottage and secure its future. Why risk an emergency rescue plan when you can plan to avoid the crisis?
Flexible, easy to change and update
Call Dan Penning of Wright Penning & Beamer today to begin the process of creating your cottage plan. Having a simple plan in place, which you can easily change and update, is better than the consequence of not having a protective cottage succession plan for your heirs.
Please call us! We welcome your phone calls and any questions you might have about how to plan for the future of your cottage, property tax "uncapping", property tax appeals and related tax matters.
Dan A. Penning
231.271.4500 Suttons Bay
248.477-6300 Farmington Hills
The information contained in this website, www.cottage-law.com is meant for informational purposes only and is not intended as legal advice. Laws and their application vary based upon a client's unique facts and circumstances. Wright Penning & Beamer disclaims any responsibility for action taken in reliance on this website without further consultation and analysis. For questions, please contact us at 248.477.6300, 213.271.4500 or at info (at) wrightpenning.com.
Cottage Law is the practice area of Wright Penning & Beamer focused on family cottage sharing and cottage succession planning. Our Suttons Bay office in the historic Depot is known nationally as "The Home of Cottage Law."
