Published: Wednesday, 17 January 2018 14:06
Fred and Mary had deeded their cottage on Houghton Lake to their three children as a way to pass along the property when it became too expensive to maintain as they entered retirement. But use of a deed to convey the cottage and lakefront to three people and their heirs became a source of friction -- the exact opposite of the family unity that Fred and Mary had hoped to create. (Link prior blog here.)
Their children Charlie, Nancy and Paul were enthusiastic at first about receiving a valuable recreation property for no initial cost, but they began to bicker about who would use the cottage during the prime summer season, how costs were divvied up, and even the cleanliness of premises after visits.
Read more: An LLC is a Good Way to Pass on Your Cottage or Cabin to Your Children