Own lakefront property in Michigan? Put it in your estate plan.

| Oct 12, 2020 | Estate Planning |

Michigan is a state that focuses on the waterfront. Summer holidays are spent on the lake. Children learn to swim as soon as they can walk. Ask someone about their memories of growing up in Michigan, and many will recount trips to the beach or to a family cabin on a lake. Even outside the Great Lakes, there are still many smaller bodies of water where people have vacation homes — such as Higgins Lake.

These properties are incredibly common and well-loved. In some counties, nearly half of the properties are seasonal homes. Many of those are on the water. People may live and work in the city, but they head to the lake on the weekends. Some even retire to these lake houses or spend entire summers there. It’s a big part of the culture and odds are you have really enjoyed it.

If you own a cabin, a cottage or even just an empty piece of land on the water where your family goes camping, make sure you put it into your estate plan. The value of land always goes up, as they say, and lakefront proper is especially valuable. You want to have a plan in place so that your children know what to do with that second home. Do they split ownership? How do they make decisions? How do they pay the bills? Doing your estate planning may also allow you to address the tax concerns, which can be extensive.

Just be sure you have a rock-solid plan for this property that your family loves so much.