parent's estate

[Tybee]

Wow, that looks like a great book! I'll have to check it out. One of my daughters-in-law's family has a cabin on a lake in the Adirondacks. She represents the third generation to share it, and she comes from a big Catholic French-Canadian family. They have done a great job managing it and sharing it together. So I've been asking her about how they do it. They recently formed an LLC, for instance.

In my case, we are building a "compound" of sorts.. We have the 22-ft camper that my DD/DSIL own completely at this point. It's off-limits to eveyone else (except for DH and I). So, my other DS/DDIL decided to invest in a we-shed (I just made that up--like a she-shed for a couple). They are paying ~5k for an 8x12 Amish shed that they'll use as a sleeping/sitting space when they're up here, which is almost every weekend.

Thankfully DS#3&4 aren't up here nearly as much. But once DH and I are gone and they all own it....

That is amazing that they have had the cabin in their family for three generations--definitely get her input on what they do!
I was looking at that book and I guess that guy coined the term "cottage law" and was from Michigan--there used to be an advertising trailer in the movie house where we went to in Suttons Bay and that might have been the lawfirm I was thinking about. The ad made you really want to have a cottage and to keep it in your family--very effective!

Here's another source:
The Family Cottage - Rosi & Gardner, P.C.

[Tybee]

Finished! Now to figure out what paperwork to keep and what to burn, and how long I have to keep it.

[catherine]

Finished! Now to figure out what paperwork to keep and what to burn, and how long I have to keep it.

Congratulatoins! It must feel great to get to this point.

BTW, I never the information you left in the last post--thanks! That's helpful. My lawyer son has been getting on our case to get those wheels in motion.

[Tybee]

Congratulatoins! It must feel great to get to this point.

BTW, I never the information you left in the last post--thanks! That's helpful. My lawyer son has been getting on our case to get those wheels in motion.

Michigan was great for that kind of lawyer--hope it helps.

I am going through files right now and yes, it feels somewhat great, but it's revisiting old wounds, so that's not so great. Apparently I have to keep most of what I have in the box, so my hopes of burning everything today were premature.

[iris lilies]

I guess certain states do have specialties of cottage law. I bet Minnesota has its share of cottage law attorneys as well because it’s the land of 10,000 lakes and everyone in Minnesota has a cabin.

Farm law is big in Iowa, so our CPA has a specialty in farm taxes but he charged exorbitant rates for preparing taxes on the family farm in which we have ownership, thousands for it. So my brother-in-law took over that job.

I wish the damn farm was was out of our lives. It generated a whopping $3000 in income in 2025. This income was against a value of $350,000. A 1% return is not exactly good.

[Tybee]

Would any of the siblings want to buy him out? Would he be happy selling it to them?

[Tybee]

Congratulatoins! It must feel great to get to this point.

BTW, I never the information you left in the last post--thanks! That's helpful. My lawyer son has been getting on our case to get those wheels in motion.

Is he local to you? If so, can he find someone in Burlington who specializes in this?

[iris lilies]

Would any of the siblings want to buy him out? Would he be happy selling it to them?

Are you talking to me?

,uhhh, no, siblings are not gonna give us $350,000. They don’t want the farm, they hung onto it mainly to provide a farm for their little brother to work, and he’s now dead. And now there’s drama about his son, his second wife, and his share of the farm— oh joy.

There are some shoes that could drop in the next year before this thing is sold. It is the plan to sell the entire farm in a year. We shall see if that comes to pass. Anyone in the chain of ownership who becomes incapacitated or dies will put yet another road block into Management and sale.

[Tybee]

Yes, I was talking to you.

That is really complicated. The problem with passing on real estate is that it just gets more and more complicated as time passes, instead of less and less.

[pony mom]

Tybee, I feel your pain. Take comfort that it's nearing the end. But of course, you'll have to keep all the records for about 7 years.

In 2020 during COVID, my mom's cousin passed away and I was his executor. He owned a house full of stuff, a garage full of tools, tractors, anything and everything, lots of investments, and an unsellable property in VT. It was all made more difficult because a lot of offices were closed due to the pandemic. Had I known what was involved in being an executor when he asked me if I would do it, I would have agreed IF I could help him declutter his home and get rid of the land in VT. It all eventually got done, but I was still receiving paperwork in 2023.

In April 2024 my mom unexpectedly passed away. My dad was her executor, but being 92, I did all the necessary paper and legal work for him. In Sept. of that year my sister passed away. She was living on her own in OR, was bankrupt, and died without a will. I wasn't able to go out there (I'm in NJ) as I was still working and taking care of my dad but luckily her bankruptcy attorney offered to be the estate representative. Since she was in such debt, her home and everything in it was taken over by the bank. I have no idea what happened to her belongings; there were just a few photos and mementos I would have liked, but I'm grateful that I didn't have to deal with another estate, especially in a different state.

In 2025 my dad passed away. Now I'm a pro at this executor stuff. But what I thought would be simple turned out more involved when I found out he owned MetLife stock. Getting a Medallion Signature Guarantee from my bank was complicated and difficult. Because of this payout, I'll have to file the estate tax return next year too, so that's not over yet. This year I filed eight tax returns!

I'm looking forward to the day when I only have to store my own tax records (personal and trust). I'm fortunate that my cousin invested well, leaving it all to my sister and I (which all belongs to me now). My dad transferred the deed to our condo to my name two weeks before he died, so I'm now financially quite comfortable, retired with a nice home and no money worries. However, I am alone with none of my immediate family members. I'm extremely grateful to be in this situation, but don't have anyone to be executor for me or to leave anything to. Investments will go to animal charities, but the condo and personal belongings....someone will have to deal with all of it.