Who Gets the Cottage?

Lake-Muskoka-Chairs

A family cottage is often taken for granted when downsizing and/or planning for retirement. However, a cottage is “that piece of real estate that brings families together but can also drive them apart.” Listen in on a frank discussion between two experienced estate lawyers on how to handle the situation. (Video).

Background

Cottage life is very popular in Ontario, Canada with many families “heading up North” on for weekends and summer holidays. Those with four-season homes enjoy year-round recreation in cottage country. Families with this two-home lifestyle would do well to heed the suggestions in this video created by Hull & Hull LLP, estate lawyers based in Toronto, Canada.

Video

Here are some of  the questions about handling the family cottage you will hear answered in this short video

  1. “Why is the family cottage so contentious, when it comes to estate planning?”
  2. “How do we make things less complicated and avoid a family fight, when it comes to the cottage?”
  3. “Capital gains can be costly for anyone inheriting a cottage. What is the best way of dealing with that?”

If you enjoyed the content of this video, you may be interested in viewing more on Hull & Hull TV.

Thoughts?

If your family has a cottage or recreational property, what are your thoughts on a smooth transition?


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Quill pen

Author:
Unless otherwise credited, all posts are happily authored with a quill pen …
Paul Ferri, Broker, ASA (Accredited Senior Agent)
RE/MAX Unique Inc. Brokerage*, Toronto, Canada
*Each office independently owned and operated.

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