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, in conjunction with colleagues from Guy Hurley Blaser & Heuer, LLC, and Plante Moran, combined their years of expertise to counsel MITA Young Leaders on the topic of “Corporate Succession Planning.” The session was held on October 19, 2016, at the headquarters of the Michigan Infrastructure and Transportation Association (MITA) in Okemos, Michigan.
Construction law attorney Ed Boucher served as moderator. Boucher was joined by corporate attorney Jim Stewart, as well as Mike Lechner of Guy Hurley, and Tom Doyle and Jean Drouillard, both of Plante Moran. The importance of the 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 were among the topics covered during the presentation. Of particular interest to the MITA Future Leaders was a reminder of the importance of identifying and developing future leaders within their respective organizations.
MITA’s Future Leader Development Program provides carefully-selected participants in the heavy construction industry a broad-based educational and personal experience which prepares them for future leadership roles within their own companies and the construction industry. The program helps participants grow their knowledge base and develop the necessary skill sets needed to be industry advocates. Candidates selected for MITA’s program have demonstrated that they have already developed leadership skills and are now being groomed for advancement to upper management positions.