Family Cottage Succession: Legacy or Liability?

Published On: May 27th, 2021Categories: Life Insurance, Newsroom, Webinar

Is the transfer of your family cottage going to be part of your legacy or a significant liability?

You and your family love your vacation property. There is a common sentiment about the family cottage that the vacation home will pass down from parents to the next generation of adult children (like how many inherited their cottage today).

How is it going to be done? A gift, sale, shift names on title?

It may cost much more than was initially paid for the property to pass it to your children’s hands. If done improperly, the entire family may lose the vacation property.

There are several issues, options, and emotions involved in transferring a family vacation property, particularly one that has been in the family for decades.

This session will discuss strategies to keep the family’s history, memories, and ownership on a safe and predictable transfer to the next generation.

Questions about your specific situation or would like more information? Reach out to Bryson’s Life Insurance specialist, Lori Gardner, by emailing lgardner@brysoninsurance.ca or calling 905-431-4094.

You can also learn more about life insurance solutions here.

Get cozy dockside and join us for this critical conversation.

 

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Written by:

Kyle Paterson
Kyle has a belief that insurance is a tool when powerfully leveraged best ensures the vision of business leaders and families are realized. Kyle focuses on cyber risk transfer, group benefits, and corporate and individual life insurance solutions.

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