The family cottage is more than just another house, it holds memories. Examine the right & wrong ways to travel the cottage succession planning process & make the right decisions for your family.
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Everyone knows the importance of a good estate plan. When embarking on the estate planning process however few assets elicit more anxiety and disagreement than the family cottage. That's because the family cottage is more than just another house. It is often central to the best family memories and therefore carries emotional significance beyond anything else. It may also be one of the longest held assets which means that it most likely has a significant capital gain. In this case, transferring it to the next generation will result in tax consequences which may be impossible to pay using other assets of the estate.
Current economic circumstances may also make it difficult for the next generation to afford the upkeep on a cottage property. Joint ownership between siblings, for example, may also result in tensions regarding management and use of the cottage. Before undertaking any cottage succession planning some hard questions must be asked and answered. This program will examine the right and wrong ways to navigate the cottage succession planning process and how to make the right decisions for your family.
Georgia Swan
A Tax and Estate Planner with TD Wealth, Georgia brings 28 years of experience to estate planning and tax matters. Prior to joining TD Wealth in 2017 Georgia practiced tax, estate planning and administration law as well as family law in central Ontario. Georgia is certified by the Law Society of Ontario as a specialist in Taxation Law and in Estates and Trusts Law; she teaches Income Tax at the Faculty of Law, University of Windsor and is a frequent speaker on topics ranging from estates and trusts law and technical tax issues to family law for various organizations as well as on BNN Money Talks.
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