06/19/2024
Do the Kids WANT the Cottage?
Written by Penny Caldwell, with files from Jackie Davis and lawyer Peter Lillico.
Posted By:Marie
Many parents hope that the cottage can stay in the family for future generations; but, while all the children may enjoy the cottage, that doesn’t mean that all are equally suited for shared cottage ownership. So, which ones to include? Getting it right will result in the cottage remaining a source of joy for future generations. The wrong call can lead to conflict that may eventually split the family. You can make this difficult assessment—which of your children to include in your cottage succession strategy—by planning ahead.
If you don’t want to leave this important aspect of your cottage succession plan to blind luck or overly optimistic assumptions, consider how each child fits into the plan. (More on that in “5 Questions to Ask Your Children,” below.) If you are the kids of parents who own a cottage, talk to Mom and Dad, even if it’s a difficult conversation to start. Once parents and children have determined which of the kids are suitable and interested in sharing cottage ownership in the future, the planning can begin.
Check out our blog to read more:
https://downsizewithus.com/page/77475/Do-the-Kids-Actually-WANT-the-Cottage_.aspx?sid=101982
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