The Michigan Family Vacation Home

Many of our clients are like the typical Michigander, that is someone in their family has a cottage or vacation home up north. Many people a hefty chunk of their summer enjoying the family cottages up north. However, when it comes to estate planning, the family cottage can become quite a troubling issue.

Who will get use of the cottage when mom or dad passes? Can all the children access the cottage? What if the cottage is sold? What if one of the children gets divorced, will the cottage have to be liquidated?

Proper planning for the family cottage often entails changing the legal ownership of the Michigan family cottage to another type of legal entity, usually a Michigan Family Vacation Property LLC along with a properly crafted operating agreement.