Thursday, October 1, 2009

More on the family cottage.

What would happens to your pride and joy if you die?

I know, I'm back to the will thing, but in most states and provinces, there are extra considerations with a piece of real estate that is not your main residence. Yes, you know, I'm talking about those pesky old taxes!
Ask your lawyer. Ask a tax accountant. Find out what your beneficiaries will have to do once they inherit that property. Can they afford it if there is an inheritance tax when you go? Will the lawyers fees be so high they can't manage it? Do they themselves have a lawyer for their own estate and if you have more than one beneficiary, will they squabble and rip it all apart?
Is there a proper plot plan? Are there any unresolved land issues, ie: Property lines and waterfront issues? Erosion? (I live on Lake Erie, remember?) Is the title or deed valid and legal? Where I live, some people have registered right's of way that go right through the middle of the house!
Have you always walked over the neighbor's lawn to get to the beach. Will their kids let your kids traverse that same path when you're all gone?

Now I've got you thinking!

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