Blog — Real Estate Planning

Wednesday, August 27, 2014

Periodically Dan Penning will appear in the local media to discuss various matters relating to Cottage Law, Estate Planning, Business Succession Planning and Asset Protection.

On July 31, 2014, Dan appeared on Dennis Prout’s (CFP®Prout Financial Design) Retirement Planning Radio Show on WTCM...

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Thursday, May 15, 2014

Cottage Planning - It's About the Memories

Families Preserve Their Best Memories of the Family Cottage Through Succession Planning

Spring triggers the annual migration of cottage/cabin owners back to their summer homes after the long, cold winter – or, for those more fortunate, spending time at warm climate retreats. Spring also brings the excitement and anticipation for a new season of warm, muggy nights, fishing, watersports, campfires, and...

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Tuesday, April 29, 2014

A Different Option for Resolving Disputes Over Wills and Trusts

Background

Historically, the rules have been such that beneficiaries to a will or a trust are not bound or forced to present their claims pursuant to “binding arbitration clauses” that were drafted into a will or a trust by the decedent prior to his or her death. The rationale to not enforce arbitration clauses in wills and trusts was that only voluntary parties to a contract, where both parties were providing...

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Tuesday, April 29, 2014

How to Make Changes to Your Estate Plan

As life circumstances change (birth, marriage, divorce, death), it may become necessary to make changes to your estate planning documents. If estate planning documents are not kept up-to-date, they can become useless. The best way to make changes to estate planning documents is to either restate an estate plan in its entirety or make specific changes to documents like a will through a codicil or a trust through an amendment to the trust.

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Wednesday, April 16, 2014

One of the most significant tax advantages to owning a home comes at the back end of ownership, when you decide to sell it for a profit. A homeowner can exclude up to $250,000 of such profit from their federal capital gains tax. For married couples filing a joint tax return, the exclusion jumps to $500,000. This big tax break, however, does come with some basic requirements. It applies to the sale of only a “principal residence,” not a vacation home or investment property. With some limited exceptions for poor health, job changes and unforeseen circumstances, the taxpayer must have owned and used the home as a primary residence for at least two of the five years (the two years need to be...

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