Friday, August 26, 2016
Vacation homes are places for families to make everlasting memories, but parents are often shocked to learn that their kids are indifferent to their inheritance. With proper planning, however, a vacation home transfer can keep a family’s memories alive for generations to come. Communication amongst the family can help promote more thoughtful decisions for the future of the vacation home—either preserving the home throughout generations or selling it. Vacation homes can involve unwanted maintenance, so families need to discuss any potential concerns.
There are several ways to transfer a vacation home property, including being jointly owned by the children or transferring to a limited liability company or trust. Parents who plan to hold on to the property until they die find it best to place the transfer in trust. Parents can even set aside funds to care for the maintenance on the property, making it more enjoyable for their children.
See Liz Skinner, Surprising Trials of Passing Down Vacation Homes, Investment News, August 23, 2016.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.