Episode 186 - Second Home Planning with Attorney Dan Penning

In this episode of The Lange Money Hour: Where Smart Money Talks, we welcome Dan Penning. Dan is the founding member of the Penning Group Advisors and Attorneys. Mr. Penning is a nationally recognized expert in cottage law and succession planning for family-legacy assets. The Penning Group maintains offices in Suttons Bay, Grand Rapids and Novi, Michigan. Jim and Dan will talk about cottages, second homes, and answer questions such as, is second home really worth it? and is it a consumer of wealth or a producer of wealth? They'll also talk about tax laws affecting second homes, renting out and maintaining those homes, and also planning to pass your property down to the next generation. TOPICS COVERED: 1. Introduction of Dan Penning of Penning Group Advisors and Attorneys 2. Second Home Usually Is a Consumer of Wealth, Not a Producer of Wealth 3. Second Home That’s Far Away Is More Difficult to Enjoy 4. Renting Out Your Second Home Has Tax Advantages 5. Is It Smarter to Rent a Second Home Before Buying It? 6. Best Ways to Pass a Second Home to the Next Generation 7. LLC Is Good Way to Structure Ownership, Maintenance, Transfer of Interest 8. Planning to Avoid Conflicts Is Cheaper Than Going to Court 9. Penning Group Works With Clients, Attorneys in 33 States 10. Two Books Provide Basic Information on Protecting Second Home To read the show transcript or listen to the MP3 file, http://bit.ly/2nEiuI0