[{"@context":"https:\/\/schema.org\/","@type":"BlogPosting","@id":"https:\/\/nmichlaw.com\/blog\/cabin-prices-have-soared-in-michigan-that-could-affect-your-estate-plans\/#BlogPosting","mainEntityOfPage":"https:\/\/nmichlaw.com\/blog\/cabin-prices-have-soared-in-michigan-that-could-affect-your-estate-plans\/","headline":"Cabin Prices Have Soared in Michigan: That Could Affect Your Estate Plans","name":"Cabin Prices Have Soared in Michigan: That Could Affect Your Estate Plans","description":"If you\u2019re doing estate planning in Michigan and you own a cabin or a cottage on the lake, that\u2019s probably a big part of your plans \u2014 some of which may have significant emotional meaning. These vacation homes are a … Continue reading →<\/span><\/a>","datePublished":"2021-03-30","dateModified":"2025-05-09","author":{"@type":"Person","@id":"https:\/\/nmichlaw.com\/blog\/author\/nmichlaw\/#Person","name":"Alward Fisher","url":"https:\/\/nmichlaw.com\/blog\/author\/nmichlaw\/","identifier":10,"image":{"@type":"ImageObject","@id":"https:\/\/secure.gravatar.com\/avatar\/63071aa228c966abd886a2cbb647b07806c39706d3fbac14fe9c4c475edc7457?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/63071aa228c966abd886a2cbb647b07806c39706d3fbac14fe9c4c475edc7457?s=96&d=mm&r=g","height":96,"width":96}},"publisher":{"@type":"Organization","name":"Alward Fisher","logo":{"@type":"ImageObject","@id":"https:\/\/nmichlaw.com\/wp-content\/uploads\/2021\/09\/logo-fisher.png","url":"https:\/\/nmichlaw.com\/wp-content\/uploads\/2021\/09\/logo-fisher.png","width":288,"height":103}},"image":{"@type":"ImageObject","@id":"https:\/\/nmichlaw.com\/wp-content\/uploads\/2021\/10\/feature-home-mobile-1.jpg","url":"https:\/\/nmichlaw.com\/wp-content\/uploads\/2021\/10\/feature-home-mobile-1.jpg","height":"100","width":"100"},"url":"https:\/\/nmichlaw.com\/blog\/cabin-prices-have-soared-in-michigan-that-could-affect-your-estate-plans\/","about":["Estate Planning"],"wordCount":411,"articleBody":"If you\u2019re doing estate planning in Michigan and you own a cabin or a cottage on the lake, that\u2019s probably a big part of your plans \u2014 some of which may have significant emotional meaning. These vacation homes are a massive part of Michigan\u2019s overall lifestyle. Your children probably loved going to the cabin as kids, and they still love it today. Your estate plans may seek to preserve those memories and pass those experiences on to the next generation.Financial factors may, however, change your outlook. Like all housing values in Michigan, which have soared in recent years, the price of second homes and vacation properties has been trending steadily upward. Your cabin isn\u2019t just a family heirloom or a place for unique memories: It\u2019s one of the most valuable assets that you own.Deciding what to do with a vacation property in your estate plans can get complicatedWhat if some of your children see the monetary value of the cabin and decide they want to sell the property and make some real money, while others can\u2019t imagine selling and just want to jointly own it? What if you\u2019re leaving the cabin to children with different levels of personal means \u2014 some who can afford the costs of ownership and property taxes and others who can\u2019t?Questions like these can make deciding how to handle this particular asset in your estate plans difficult.\u00a0There are always solutions, however, if you plan in advance. For instance, you could set up a trust to cover the base costs for the next generation so they don\u2019t have to worry about it. If some heirs just want to sell, you could find a way to leave them cash assets instead, leaving the cabin ownership to those who want it.The key to effective estate planning lies in\u00a0exploring all of your options. Working with an experienced attorney can help you uncover options you may not realize exist.About the AuthorLatest PostsAlward FisherAt Alward Fisher, we provide more than savvy legal representation. We provide peace of mind. Peace of mind for your business. Peace of mind for your family. And the peace of mind for your future. No matter what types of legal challenges you are facing, we can help you find solutions.Can Someone with the Power of Attorney Change a Will?Can a Divorce Be Denied in Michigan?What Is the Downside of Collaborative Divorce?"},{"@context":"https:\/\/schema.org\/","@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"Blog","item":"https:\/\/nmichlaw.com\/blog\/#breadcrumbitem"},{"@type":"ListItem","position":2,"name":"Cabin Prices Have Soared in Michigan: That Could Affect Your Estate Plans","item":"https:\/\/nmichlaw.com\/blog\/cabin-prices-have-soared-in-michigan-that-could-affect-your-estate-plans\/#breadcrumbitem"}]}]