Does your family's financial plan include the family cottage?
The foundation to your personal financial plan is a Personal Balance Sheet. This document, which includes an inventory of your assets as well as your liabilities, can be the first step towards financial well-being. One of the significant assets on your balance sheet may be your family cottage. The source of those wonderful summer memories can also present some challenges—scheduling, allocation of expenses, whether pets (or renters) should be allowed, etc. Chances are you are also concerned about:
- Financial and estate planning
- Minimizing property taxes
- Planning for estate taxes
- Keeping the cottage in the family
Protecting the family cottage—and preparing the next generation to own and manage it in the future—means taking the initiative now. Plante Moran Financial Advisors and Varnum will hold a free seminar on cottage law planning as a part of your larger financial plan. This short, information-packed seminar will help you determine what you need to do to ensure the best outcome for your family-owned cottage.
Join us on Thursday, November 8, at the Watermark Country Club in Grand Rapids. The seminar is free, but space is limited, so reserve your seat on-line at www.varnumlaw.com/cottage or call 616-336-6500.