EXPERT ADVICE FINANCIAL
Jeff Somers, BA, AIT, CFP, RRC Executive Financial Consultant
Discussing present and future plans for the family cottage is crucial as family members age and grown children might have varying levels of interest in maintaining the property. Passing on the Family Cottage
There can be a lot of emotions wrapped up in the family cottage. It’s important to plan how it will be passed on to the next generation before that day arrives.
If some of your children want the cottage, and others do not, the issue may become how to equalize the estate. If the cottage will form a large part of your estate, life insurance may help fill the gap for the other children. If you are not interested in paying the insurance premiums, perhaps your children will be, if the insurance policy is the solution to keeping the property. There can be a lot of emotions wrapped up in the family cottage. It’s important to plan how it will be passed on to the next generation before that day arrives.
Jeff Somers & Associates 18 Queen Street, Suite 106 Charlottetown 902.368.1345 www.somersteam.com Investors Group Financial Services Inc.
If several children want the cottage, you should consider a co-ownership
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www.pei-living.ca SUMMER 2018
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