{"id":29166,"date":"2024-06-12T23:03:45","date_gmt":"2024-06-13T03:03:45","guid":{"rendered":"https:\/\/actec.matrixdev.net\/?post_type=meeting-materials&#038;p=29166"},"modified":"2024-07-29T15:31:00","modified_gmt":"2024-07-29T19:31:00","slug":"session-3-musical-chairs-the-family-cottage-what-happens-when-the-music-stops-theres-not-enough-room-at-the-inn","status":"publish","type":"meeting-materials","link":"https:\/\/actec.matrixdev.net\/meeting-materials\/session-3-musical-chairs-the-family-cottage-what-happens-when-the-music-stops-theres-not-enough-room-at-the-inn\/","title":{"rendered":"Session 3: Musical Chairs &amp; the Family Cottage: What Happens When the Music Stops &amp; There&#8217;s Not Enough Room at the Inn?"},"content":{"rendered":"\n<p>Whether it\u2019s planning a lifetime succession or divvying-up the family home or cottage after Mom and Dad die, balancing interests and use present complex legal, drafting, interpersonal, and emotional challenges at almost every phase. In these cases, a lot of attention, and even cajoling and openness from the clients, in advance can go a long way in paving the road to a successful transition. Yet, there almost always are speedbumps along the way and, occasionally, you still have to grapple with Robert Burns\u2019, To a Mouse (\u201cThe best laid schemes o\u2019 mice an\u2019 men \/ Gang aft a-gley\u201d). The panel expects a lively and far-ranging discussion that includes, among others, the following:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>How family cabins and cottages came to be part of our lifestyle. And are Canadians really any different?<\/li>\n\n\n\n<li>Methods of transfer &amp; drafting options \u2013 trusts, LLCs, or partnerships?<\/li>\n\n\n\n<li>The importance, even necessity, of honesty, due diligence, realistic expectations, and flexibility during the planning process.<\/li>\n\n\n\n<li>Personalities of the parents, their kids, and their kids\u2019 spouses, and challenging the notion that \u201cmy kids would never act like that.\u201d<\/li>\n\n\n\n<li>Governance &amp; management \u2013 It\u2019s rarely just about the trust instrument or entity agreement. And is the client rewarding value and good work, or just coddling the underachiever? Sometimes, it\u2019s little Johnny\u2019s own fault that he\u2019s never caught a break.<\/li>\n\n\n\n<li>Funding family fun at the cottage and the joys of scheduling: Will the kids be able to share when Mom and Dad are gone, even if they never did while growing up? What role can a tenancy agreement play?<\/li>\n\n\n\n<li>Exit strategies that don\u2019t make it seem like a time-share: Defined values and valuations at certain inflection points, particularly when someone wants out.<\/li>\n\n\n\n<li>North of the border considerations for Bob &amp; Doug McKenzie (by way of \u201cKanadian Korner\u201d and the \u201cGreat White North\u201d). If the holiday home is outside the U.S., consider situs wills, type of entities, forced heirship, foreign inheritance taxes.<\/li>\n<\/ul>\n\n\n\n<p>Speakers: Wendy S. Goffe, Peter S. Gordon, Shaheen I. Imami (Materials Only), Dina Kapur Sanna<\/p>\n\n\n\n<iframe loading=\"lazy\" style=\"border:none\" src=\"https:\/\/play.libsyn.com\/embed\/episode\/id\/32115337\/height\/128\/theme\/modern\/size\/standard\/thumbnail\/yes\/custom-color\/1c3c94\/time-start\/00:00:00\/hide-playlist\/yes\/hide-subscribe\/yes\/hide-share\/yes\/download\/yes\/font-color\/FFFFFF\" height=\"128\" width=\"100%\" allowfullscreen=\"\"><\/iframe>\n","protected":false},"excerpt":{"rendered":"<p>Whether it\u2019s planning a lifetime succession or divvying-up the family home or cottage after Mom and Dad die, balancing interests and use present complex legal, drafting, interpersonal, and emotional challenges [&hellip;]<\/p>\n","protected":false},"featured_media":0,"template":"","meta":{"_acf_changed":false,"_tec_requires_first_save":true,"_EventAllDay":false,"_EventTimezone":"","_EventStartDate":"","_EventEndDate":"","_EventStartDateUTC":"","_EventEndDateUTC":"","_EventShowMap":false,"_EventShowMapLink":false,"_EventURL":"","_EventCost":"","_EventCostDescription":"","_EventCurrencySymbol":"","_EventCurrencyCode":"","_EventCurrencyPosition":"","_EventDateTimeSeparator":"","_EventTimeRangeSeparator":"","_EventOrganizerID":[],"_EventVenueID":[],"_OrganizerEmail":"","_OrganizerPhone":"","_OrganizerWebsite":"","_VenueAddress":"","_VenueCity":"","_VenueCountry":"","_VenueProvince":"","_VenueState":"","_VenueZip":"","_VenuePhone":"","_VenueURL":"","_VenueStateProvince":"","_VenueLat":"","_VenueLng":"","_VenueShowMap":false,"_VenueShowMapLink":false,"_tribe_blocks_recurrence_rules":"","_tribe_blocks_recurrence_description":"","_tribe_blocks_recurrence_exclusions":"","footnotes":""},"categories":[],"committees":[306],"class_list":["post-29166","meeting-materials","type-meeting-materials","status-publish","hentry","committees-professional-program"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Session 3: Musical Chairs &amp; 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