Top 5 Concerns of Cottage Owners
For many, the family cottage is a place for relaxing, swimming, playing and most importantly – for spending time with family. Often, the family cottage is an individual’s most important asset, both...
View ArticleHow to Winterize Your Cottage
Winter is on its way – are you ready? Although the weather in Michigan has remained unseasonably warm for mid-November, snow is on its way soon. For cottage owners, that means it is time to winterize...
View ArticleJoint Tenancy and Cottage Ownership
The concept of joint tenancy is important when it comes to cottage ownership. Sometimes, using a joint tenancy might be considered as a means to pass the cottage to descendants. Or, perhaps there...
View ArticleWhat is an LLC and How Does an LLC Work?
Many cottage owners have heard of others who have established a “Cottage LLC”. But what exactly does this mean? What is an LLC? How does an LLC which owns a cottage work and why would someone use...
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Avoiding an Uncapping of Property Taxes: Klooster v. City of Charlevoix
A common concern among Michigan homeowners is the dreaded “uncapping” of real estate taxes. But the rules in this regard are somewhat confusing. In general, for as long as someone owns a parcel of...
View ArticleWhat Can a Cottage Plan Do for Me?
As discussed in our last blog, Avoiding an Uncapping of Property Taxes: Klooster v. City of Charlevoix, joint ownership provides an interesting planning tool for property tax issues, however, it is...
View ArticleCottage Planning: Dealing with Estate Taxes
Over the years, the need for estate tax planning has changed as federal law has decreased the number of individuals who will actually pay any estate tax liability. However, due to the uncertainty in...
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How to Prepare Your Cottage For Summer
Now that we have survived the winter, it is time to prepare your cottage for summer with a good spring cleanup. Personally, I look forward to the spring cleanup at the cottage because it means that...
View ArticleCottage Planning: Dealing with Estate Taxes, Part II
Part 1 of our "Dealing with Estate Taxes" blog addressed the use of a qualified personal residence trust (or "QPRT"). But using a QPRT only works in certain situations and requires a settlor to...
View ArticleBoundary Disputes: “Dry-Land” Disputes, Part 1
"It appears that as the Water Wonderland acquires more population it also acquires more litigation over water rights." The above-quoted observation was made by the Michigan Supreme Court in 1957. As...
View ArticleBoundary Disputes: Riparian Bottomlands Disputes, Part 2
Part 1 of our "Boundary Disputes" blog addressed "dry-land" disputes. Part 2 of this series will address disputes pertaining to riparian bottomlands. As many of you may know, if you own land on an...
View ArticleProposed Legislation to Prevent Cottage Uncapping – A Benefit to Cottage...
The Michigan legislature is currently considering a new bill which may limit the harsh effects of uncapping on cottage owners. As previously discussed in this blog, when a parent passes a cottage...
View ArticleBuilding on Sand Dunes Following 2012 PA 297
Since 1989 when Michigan's Sand Dune Protection and Management Act was amended to regulate development on critical sand dunes, constructing a cottage in a critical dune area or additions to an...
View ArticleVarnum Partners with Plante Moran to Present Financial Planning/Cottage Law...
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...
View ArticleWho Controls a Cottage if it is Transferred to an LLC?
Who controls a cottage after it is transferred to a limited liability company ("LLC")? Will an owner or co-owner lose control over the decisions related to the cottage if it is transferred to an LLC?...
View ArticleHR-4753: An Early Christmas Gift for Michigan Cottage Owners!
On December 14, 2012, House Bill 4753 was ordered enrolled by the Michigan legislature. As discussed in our earlier blog, "Proposed Legislation to Prevent Cottage Uncapping - A Benefit to Cottage...
View ArticleBill to Prevent Cottage Uncapping Signed Into Law
On December 27, 2012, HR-4753 was signed into law by Michigan Gov. Rick Snyder. As stated in our previous blog, "HR-4753: An Early Christmas Gift for Michigan Cottage Owners!", this bill allows...
View ArticleHow to Simplify Your Tax Plan and Protect the Next Generation
In December important legislation was passed which affects estate planning for most Americans. As a direct result of these recent changes, we will be hosting a seminar this month, Estate Planning...
View ArticleNon-Tax Reasons For Creating an Estate Plan
For most individuals - about 99.9% - estate taxes are no longer a concern thanks to the recent "fiscal cliff" legislation. However, that does not mean that estate planning is no longer necessary. The...
View ArticleSpring Landscaping Tips for Cottage Owners
Now that the snow is starting to melt and spring is right around the corner, it's time to start thinking about getting your yard (both at your residence and at your cottage) looking good for the...
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