Owning a vacation home can create complicated family estate and income tax issues. Keeping the cottage and property in the family will not happen without thoughtful planning.
Estate Planning is much more than planning for estate taxes. It provides for the orderly distribution of assets upon death. But it also provides for the ability to manage affairs in the event of a disability or incompetency while alive. The summaries in the link provided are meant as a guide to the basic estate planning documents and estate tax issues which each person needs to understand to properly provide for their families and themselves both during their lifetimes and upon death.