Tag: cottage attorney

Ten Reasons Why You May Want to Consider a Family Cottage Succession Plan

The goal of cottage succession planning is to set up legal ground rules that provide the best chance to keep a cottage in the family for future generations. A cottage plan usually addresses concerns through the creative use of a limited liability company (LLC), or a trust (typically used for more favorable treatment associated with the uncapping of taxable value), to own the property. Here are ten reasons why you and/or your family may want to consider a family cottage succession plan.

    1. Prevent a joint owner from forcing the sale of the cottage through an action for partition.
    2. An alternative to allowing common law rules dictate how the cottage operates.
    3. Prevent transfer of an interest in the cottage outside the family.
    4. Protect owners from creditor claims.
    5. Establish a framework for making decisions affecting the cottage.
    6. Provide sanctions for nonpayment of cottage expenses.
    7. A vehicle for an “endowment” (money set aside to fund cottage expenses).
    8. To require mediation or arbitration of family disputes.
    9. Allocate control of the cottage between or among generations of owners.
    10. May help delay (or avoid) the uncapping of Michigan property taxes.

These are the basics, but just as each family is different, each agreement can be tailored to fit specific needs.

Mark E. Kellogg’s breadth of knowledge and experience gives his clients unique insight into the special considerations associated with the cottage law practice. If you have any questions, you can reach out to Mark at mkellogg@fraserlawfirm.com or (517) 377.0890 for assistance.

Five Stories that Matter in Michigan This Week – March 17, 2023

  1. Business Education Series – Teaching Leadership

Hosted at the Lansing Regional Chamber on Wednesday, March 22 at 10:00 to 11:30 a.m., the March Business Education Series will have Brain Town, founder and CEO of Michigan Creative, who will discuss how to inspire your staff to be the leaders they all have inside of them.

Why it Matters: Brian will also show you how to write core values that can guide your business and help form an unstoppable team. Attendees will learn how to write and use core values, leadership tips, and ways to inspire greatness. Business owners and leaders are encouraged to attend! Learn more.

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  1. How Patents Protect Your Business

A patent is a legal monopoly for protecting a utilitarian device, system, machine, composition or process. A patent owner has the right to prevent others from making, using, selling or importing a protected invention for a limited time.

Why it Matters: The U.S. is a “first-to-file” system, so it is imperative that an inventor keep the details of their invention confidential until a patent application has been filed. Also, timing is of the essence to prevent a competitor from winning the race to the Patent Office. Learn more.

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  1. Noteworthy Michigan Cannabis Brand Put into Receivership

Skymint Brands, a high-profile Michigan consumer cannabis brand, was placed into receivership on March 7. According to a lawsuit filed by Tropics, LP against Skymint’s parent company, Green Peak Industries, Inc., Tropics is owed more than $127 million in loans that are in default.

Why it Matters: While Michigan has experienced strong sales of recreational marijuana as a whole, prices per ounce have fallen significantly, making it difficult for many dispensaries to generate profits. The fact that Skymint’s assets were put into receivership is also noteworthy, as state court receivership has become an alternative to bankruptcy for distressed cannabis companies. Because cannabis is still illegal at the federal level, companies can’t access federal bankruptcy to reorganize or liquidate.

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  1. CRA Publishes February 2023 Data, Average Price Hovers Near All-Time Low

The Cannabis Regulatory Agency recently published its latest monthly data, showing that the average price for an ounce of cannabis is $86.00, an increase from the all-time low of $80.16 in January of this year.

Why it Matters: While the prices of cannabis and cannabis-related products continue to decrease and make consumers happy, growers on the other hand are seeing profits decrease resulting in them seeking ways to halt new licenses to be granted in an effort to steady prices. Contact our cannabis law attorneys if you have any questions.

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  1. Ten Reasons You May Want to Consider a Family Cottage Succession Plan

The goal of cottage succession planning is to set up legal ground rules that provide the best chance to keep a cottage in the family for future generations.

Why it Matters: Here are a few reasons why you and/or your family may want to consider a family cottage succession plan. Prevents a joint owner from forcing the sale of the cottage through an action for partition, prevents transfer of an interest in the cottage outside the family, protects owners from creditor claims, and establishes a framework for making decisions affecting the cottage. See the complete list from your Fraser Trebilcock attorney.

Related Practice Groups and Professionals

Intellectual Property | Jared Roberts
Cannabis Law | Sean Gallagher
Cottage Law | Mark Kellogg

Five Stories that Matter in Michigan This Week – March 10, 2023

  1. US Supreme Court Makes Clear that Highly Compensated Employees can be Eligible for Overtime Pay

In Helix Energy Solutions Group v. Helix, the U.S. Supreme Court ruled that highly compensated employees—in this case the employee at issue earned more than $200,000 per year—can be eligible for overtime pay if they are paid on a daily basis as opposed to a salary basis.

Why it Matters: Many employers mistakenly assume that highly compensated employees are not eligible for overtime pay. However, under the Fair Labor Standards Act, employees are exempt from overtime if they earn at least $107,432 per year on a salary basis (and perform executive, administrative, professional or outside sales work. Because the penalties for noncompliance can be steep, employers should consult with legal counsel to help ensure that their workers are classified and paid in accordance with state and federal guidelines.

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  1. How Copyrights Protect Your Business

Copyright is the exclusive legal protection that covers an original work of authorship. Copyrights vest upon creation of the work, which means placing the work onto a tangible medium (e.g., applying paint to a canvas or words to a screenplay).

Why it Matters: As noted above, copyrights vest upon creation of the work, even if it isn’t published. Similar to trademark law, it can be difficult to enforce your copyright if the work is not registered with the U.S. Copyright Office. Learn more.

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  1. Department of Labor Issues Guidance to Employers on Telework

On February 9, 2023, the U.S. Department of Labor (DOL) issued a Field Assistance Bulletin (Bulletin) addressing several questions related to compliance with the Fair Labor Standards Act (FLSA) and Family and Medical Leave Act (FMLA) when a business employs teleworkers.

Why it Matters: The Bulletin provides that the protections under the FLSA apply equally to employees who telework as to employees working at an office, factory, construction site, retail outlet, or any other worksite location. Learn more.

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  1. Business Education Series – Teaching Leadership

Hosted at the Lansing Regional Chamber, the March Business Education Series will have Brain Town, founder and CEO of Michigan Creative, who will discuss how to inspire your staff to be the leaders they all have inside of them.

Why it Matters: Brian will also show you how to write core values that can guide your business and help form an unstoppable team. Attendees will learn how to write and use core values, leadership tips, and ways to inspire greatness. Business owners and leaders are encouraged to attend! Learn more.

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  1. The Ins and Outs of Cottage Succession Planning in Michigan (Part Two)

A cottage plan is an agreement that describes how a cottage will be shared, managed and passed on to future generations of family members. Cottage plans typically cover a range of issues that can impede the succession of a cottage if left unaddressed.

Why it Matters: There are significant advantages to having a cottage plan that utilizes an LLC or trust structure. There is no single option that is best for all families, so it’s important to consult with an experienced cottage law attorney to determine what option is right for you. Learn more from your Fraser Trebilcock attorney.

Related Practice Groups and Professionals

Labor, Employment & Civil Rights | Aaron Davis

Intellectual Property | Jared Roberts

Cottage Law | Mark Kellogg

Chicago Tribune Feature

Fraser Trebilcock cottage law attorney Mark E. Kellogg was interviewed by the Chicago Tribune for an article detailing the intricacies of vacation properties left behind for families, and the importance of implementing a succession plan before a family member has passed away.

You can view the full article by clicking HERE.

Mark E. Kellogg’s breadth of knowledge and experience gives his clients unique insight into the special considerations associated with the cottage law practice. If you have any questions, you can reach out to Mark at mkellogg@fraserlawfirm.com or (517) 377.0890 for assistance.