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Cottage Succession Seminar in Haliburton

September 21 @ 8:00 am - 5:00 pm

Soyers Lake Ratepayers Association Inc. – September 21st, 2019

For event times, and to save your spot, register by email (info@foca.on.ca) or call the FOCA office during business hours: 705-749-3622.

These sessions are free to members of FOCA member Associations, or $10 at the door for non-members. Each event is two hours total, including the main presentation, and question & answer session with the estate lawyer

About the FOCA Cottage Succession Seminar Series

FOCA has been “on the road” with estate lawyer Peter Lillico for the past decade, bringing information to cottage owners about ways to keep the cottage in the family for the next generation.


Can’t attend in person? DVDs are available:Cottage Succession DVD cover

DVD #1 – Keeping the ‘Family’ in the Family Cottage – an introduction and overview of considerations for starting your cottage succession plan, from estate lawyer Peter Lillico (recorded 2014)

dvd-cottage-sharing-agreements-dvd2-cover-image-2016DVD #2 – Cottage Sharing Agreements – an in-depth look at considerations for creating a Cottage Sharing Agreement, an important step in your cottage succession process, with estate lawyer Peter Lillico (recorded 2016)

How will your family manage the generational transfer of the cottage ownership? Learn what you need to do NOW, to protect the family cottage for the future. Each session includes valuable information about parts of the process:

  1. KEEPING THE ‘FAMILY ‘IN THE FAMILY COTTAGE (this is the recommended introductory/overview session) – Cottage succession planning intro, with an overview of  the legal, tax and family issues that need to be addressed.
  2. AVOIDING ADVERSITY – Why a Cottage Sharing Agreement is the crucial first foundation for shared future family cottage ownership; what protections and provisions they must include; and how best to develop one for your family.
  3. TARGETING TAX – How capital gains tax works; how to avoid it; techniques to reduce or defer it; planning approaches to fund it.
  4. TRUSTING THE COTTAGE – How a combination of trust techniques can combine to: retain control of the cottage by the parents for their lifetimes; ensure that the cottage passes to their children after their death without probate tax; provide protections for the cottage against children’s creditors or divorcing spouses. Peter’s advice on trusts was referred to by Penny Caldwell in the early summer 2018 Cottage Life Magazine as “sweet and innovative.”
  5. COTTAGES AT THE CROSSROADS: Choosing the Path – This session assumes the cottagers want to keep the cottage in the family and explains the pros and cons of different succession vehicles: Direct personal ownership by children; corporate ownership; or trust ownership.
Please contact the FOCA office if you are interested in holding a Cottage Succession event in your area in the future.


image: Peter LillicoGet additional notes from estate lawyer Peter Lillico about leaving the cottage to the kids, online here: http://www.lbghlaw.com/cottages.php

To contact Peter at his Peterborough office (remember to tell him FOCA sent you!):

plillico@lbghlaw.com  705-743-3577


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Details

Date:
September 21
Time:
8:00 am - 5:00 pm
Event Categories:
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Website:
https://foca.on.ca/cottage-succession/

Organizer

FOCA
Email:
info@foca.on.ca
Website:
https://foca.on.ca/