I know how hard it is to find decent waterfront properties so I figure when my children grow up the only chance of them having a cottage is if it is transferred to them through an inheritance. I hope that my kids will have enough interest in cottaging that they will keep the family cottage and pass it on to their children.
For those of you who are lucky enough to already have a cottage that has been passed down through the generations or for those getting ready to pass it on to your children you must have a lot of questions about how exactly it is done.
I spoke to my Investment advisor, Mark Wilson, to see if he had any information. He directed me to an estate planning article provided by BMO Nesbitt Burns.
The article identifies a number of areas that are crucial to planning for the transfer of your vacation property including family interest, tax related issues, and finding the appropriate method of transferring property to your heirs.
If you would like to read more or contact Mark with your questions please go to www.MarkWWilson.com