The Ins and Outs of Cottage Succession Planning in Michigan (Part Two)
Fraser
SEPTEMBER 15, 2020
Giving children equal shares of the cottage (while avoiding “trapping” an inheritance in the cottage). Under an LLC structure, a management committee, which serves a function similar to a board of directors, is formed to manage the cottage’s affairs. The endowment may be held and managed by a bank trustee or by the LLC.
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