Protecting The Family Vacation Home for GenerationsA family vacation home is more than bricks and mortar; it’s a repository of memories, an emblem of family history, and, often, a treasured asset. 

However, without adequate planning, this sanctuary can become a family contention point. 

Here are a few steps you can take to prevent this: 

  • Ownership Structure: The simplest way to pass on a family home is through a will, which can bring about unwanted complications like probate. Other options, like forming a family LLC or placing the home in a trust, offer more control.
  • Family Input: Before making any decisions, sit down with family members to understand their wishes and concerns. This inclusive approach ensures everyone’s perspectives are considered.
  • Create a Trust or LLC: A well-structured trust or LLC can offer both tax benefits and an orderly transition of the property’s ownership and management.
  • Maintenance Fund: Set up a dedicated fund for the ongoing maintenance of the property, ensuring that future generations won’t be burdened with unmanageable costs. 

Careful planning can protect this valuable asset from legal pitfalls and family disputes. 

We specialize in educating and helping you protect what you have for the people you love the most. Contact us to learn more about how we can help.

RELATED POSTS:

May 24, 2024

For those who have spent years, or even a lifetime, collecting items of personal or monetary value—whether art, antiques, stamps, ...

Estate Planning for Art and Collectibles Enthusiasts

May 17, 2024

For many seniors, retirement brings a significant lifestyle change, often including the decision to downsize. Downsizing can mean moving to ...

Handing the Challenges of Downsizing in Retirement

{"email":"Email address invalid","url":"Website address invalid","required":"Required field missing"}
Register for Our Upcoming Event!

Age Like You Mean It!

sm

Planning for the Second Half of Life

Our clients love our Zoom concierge meetings! We offer closed captions for the hearing impaired - both in meetings and in the webinar.

youre-not-alone-series-books
You're Not Alone Book Series

A new informational guide for those who have received an Alzheimer’s Diagnosis and their families.

10.0Helayne Levy Payne
Helayne Levy PayneReviewsout of 45 reviews
superlawyers-2022
superlawyers-2021
superlawyers-2022
superlawyers-2023
superlawyers-2024
super-lawyers-5years
>