The Advantage Of Placing The Family Cottage In Trust
Sometimes owning a family cottage can be stressful but there is a solution for this kind of situation. The owners of the cottage can put it on a trust rather than owning it directly. You can take advantage of avoiding probate fees at the time of death on the value of the cottage. You can protect it from being attacked by creditors. The owner can also avoid U.S. real estate taxes where the cottage is located in the U.S. You can also facilitate share proprietorship amongst family members. There will be a chance to avoid capital gains tax upon death of the owner.
Excerpt:
“There are few things in the family that can cause more emotional angst than the cottage. There’s no shortage of things to talk about when it comes to cottages, but today I want to focus on one idea: Owning the cottage in a trust.”
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