The following article is shared from the Lake Steward Magazine published by Federation of Ontario Cottagers' Associations (FOCA)
For over 15 years, FOCA has worked with estate lawyer Peter Lillico to deliver seminars about cottage succession planning to thousands of Ontario families. In light of the capital gains tax change announced in April 2024, these sessions are more important than ever for seasonal property owners!
Your family’s succession plan might include consideration of some or all of the following:
• deciding which children are best suited to become the owners and stewards of the cottage for the next generation
• learning how to avoid adversity by creating a Cottage Sharing Agreement that offers many
protections
• investigating strategies to address the capital gains tax that is triggered when the cottage is sold or gifted
• considering the use of trust techniques which present several advantages, alongside some additional costs.
FOCA’s cottage succession planning seminars have been conducted by webinar since 2020, meaning that you and the extended family can attend from various locations. These events are free to members of our Member Associations and to ‘Friends of FOCA’ – our annual supporter category.
You can also purchase access to digital recordings of some of Peter Lillico’s FOCA talks, to review the material with your family at your leisure. Find more information on FOCA’s webpage: https://foca.on.ca/cottage-succession/
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