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canada goose uk black friday How will you deal with the potential inequity of usage? Does it make sense to transfer ownership of the property to your beneficiaries while you’re still alive? If so, will you still want to have access and maintain control? What are the financial differences between potential family owners? If you have one beneficiary that is financially well off wanting renovations, new appliances and more recreational toys, how will that affect another family member who is not as financially well off? Can they afford the property taxes and cost of upkeep? Anyone who owns a second property knows there are regular expenses and costs, and sometimes these costs are significant. Are there any family dynamics or issues with your children’s spouses? Do divorce or blended families play a role in planning? Is there significant capital gains, will the estate have enough cash to pay the tax, or will the property have to be sold to settle your estate?The longer the cottage has been around, the greater the potential for problems. For one thing, the emotional attachments can be strong, but the potential for capital gains tax that can create financial challenges.In most cases, the family cottage triggers capital gains tax whether the property is passed on at death, sold while alive, or gifted to family canada goose uk black friday.

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