Although this bill is a win for cottage owners, it fails to address the issues discussed in our previous blog regarding the impact of this bill on properties that are owned by or transferred to a trust. In addition, the bill does not address the concerns regarding the future management of a cottage, which many times will outweigh any tax concerns of a cottage owner.
A complete cottage plan should address concerns related to both taxes and the ownership and management of the cottage by the next generation.
Laura is an attorney in the firm’s estate planning team where she helps individuals and families to identify their estate planning goals and to create a plan that is tailored to meet their specific needs. Laura’s practice includes a full range of estate planning and estate settlement services including the preparation of basic or complex estate plans, tax planning, business succession planning, cottage planning, charitable gift planning, and estate and trust administration services.
Chris is a partner and leads Varnum's Estate Planning team. Chris is acutely aware that advising clients on estate planning and wealth succession requires an intimate understanding of the client's goals, hopes, desires, and concerns in order to accurately prepare an appropriate plan. As such, he works intimately with clients and their advisors to create estate plans that enable families to plan for today as well as for future generations. Chris regularly prepares sophisticated estate plans, emphasizing probate avoidance, estate tax planning, and business succession planning. In addition, Chris regularly assists families with cottage succession planning. Chris's practice also includes a significant focus on post-death planning and estate and trust administration.