Owning a vacation home can create complicated family estate and income tax issues. Planning for the transfer of the family cottage requires a series of thoughtful steps. The cottage can be any vacation home and, whether it's a ski chalet or condo, waterfront property or hunting land, all have financial and emotional ties to a family.
Kotz Sangster attorneys, along with colleagues from Plante Moran, presented on the topic of “Succession Planning: Don’t Risk Your Company’s Future” on September 27, 2016. The subject was one of an array of leadership and management sessions included in an annual conference hosted by the Construction Financial Management Association (CFMA). The 2016 Midwest Regional Conference was held in Oak Brook, Illinois.
Moderated by Ed Boucher, speakers included Greg Wysocki and Plante Moran partners. The presentation covered the importance of a family business, options for selling and/or transferring assets, reminders that succession plans are not one-size-fits-all, and the issues to consider when developing a plan. The presenters covered meaningful ideas on how to handle an often difficult subject, as well as a discussion on the importance of identifying and developing future leaders throughout the company.