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Your little cabin in the woods can net some serious cash during the summer rental season.

Fred Lum/The Globe and Mail

Despite the pesky mosquitoes, the endless upkeep and the hours on the highway, Canadian cottage owners are inevitably enamoured with their patch of wilderness. With vacation property prices soaring, the family cottage might be the only one your kids - and perhaps theirs - will ever own.

So it is no wonder that trying to find a financially-viable way to hand down the family cottage is a challenge. "There are few things in the family that can cause more emotional angst than the cottage," says Globe Investor tax columnist Tim Cestnick.

In his most recent columns, Mr. Cestnick explains how it is possible to own your family cottage in a trust rather than owning it directly in your own name and then offers seven hints for holding a cottage in trust. He will continue to address the cottage succession issue in this week's column, which you can read here on Thursday.

Story continues below advertisement

Mr. Cestnick, who is also the president and CEO at WaterStreet Family Office, answered your cottage succession related questions in an online discussion. To view a transcript, click on the Cover It Live box below. Mobile users click here.



<iframe src="http://www.coveritlive.com/index2.php/option=com_altcaster/task=viewaltcast/altcast_code=c5b6f67cba/height=650/width=460" scrolling="no" height="650px" width="460px" frameBorder ="0" allowTransparency="true" ><a href="http://www.coveritlive.com/mobile.php/option=com_mobile/task=viewaltcast/altcast_code=c5b6f67cba" >Cottage succession discussion</a></iframe>


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