Fraser Trebilcock - Cottage Law Center

Fraser Trebilcock - Cottage Law Center The goal of cottage succession planning is to create legal ground rules that provide the ability to keep a cottage in the family for multiple generations.

"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.

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124 W Allegan Street Suite 1000
Lansing, MI
48933

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