By Tim Brown, Richards Buell Sutton LLP
When dealing with estate planning, many families spend a lot of time dealing with emotional assets that may not have significant monetary value, and financial assets with significant monetary value, but not so much emotional value. The family cottage is generally an asset with a lot of value and plenty of emotion.
Due to the myriad of other types of planning that do not work well for family cottages, passing the family cottage on to the next generation is exceptionally problematic.
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