News & Analysis as of September 23, 2024

Estate Planning › Vacation Homes

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Estate Planning is a process where individuals prepare or plan for the settlement of their personal affairs in the event of incapacitation or death. Estate plans typically include provisions relating to the disposition of assets, guardianship of minor children, and appointment of representatives to make medical and financial decisions. Effective estate planning can decrease tax liability and facilitate the probate process. less -

Once Removed Episode 21: Passing Down the “Family Cottage” or Other Legacy Property

McGuireWoods LLP on 5/6/2024

As we have discussed on this podcast, legacy planning is not just about transferring money. It’s also about transferring values and relationships. And often the transfer of specific property goes hand-in-hand with the...more

Shared Ownership of Family Cottages, Part Three: Creating a Governance Agreement for a Shared Property

Warner Norcross + Judd on 7/6/2023

In previous blog posts, we have explored whether your family wants to keep the family cottage or vacation property in the family, and the options for the form of ownership you want to use for the next generation. In this...more

Planning for the Family Vacation Home

Buckingham, Doolittle & Burroughs, LLC on 1/10/2023

A family vacation home offers an escape from the stresses of everyday life, and an opportunity for bonding. Parents return to their vacation homes year after year, creating memories with their children and grandchildren. If...more

When Your Estate Plan Includes Real Property

Shutts & Bowen LLP on 10/28/2020

Bank accounts, life insurance, investments, furniture, jewelry, art and collectibles are among the many assets to consider when planning your estate. However, your home and other real estate may be among the most valuable and...more

How to Own Your Vacation Home

Conn Kavanaugh on 11/13/2019

Do you own a vacation home? If yes, do you own it alone or with others? Are you thinking of buying a vacation home? Will you be inheriting a vacation home? Many of us fall in love with an existing vacation spot or the...more

All in the family: Transferring your vacation home

Adler Pollock & Sheehan P.C. on 2/12/2018

Vacation homes are typically treasured by families and often pass down from generation to generation. But there may be more to transferring the family lake cottage or beach house than first meets the eye. If one plunges ahead...more

Insight on Estate Planning - February/March 2018

Adler Pollock & Sheehan P.C. on 2/7/2018

In This Issue: - Sudden impact: When a spouse unexpectedly dies - New tax law affects estate planning strategies - All in the family: Transferring your vacation home - Estate planning pitfall: You haven’t planned for...more

Tips for Harmonious Joint Family Ownership of Vacation Properties

Davis Wright Tremaine LLP on 10/9/2017

With proper planning, owning vacation property with other family members can be a pleasant and even bonding experience. The key is to determine, as early as possible, what the parties expect and desire from the property...more

Will Your Estate Plan Preserve the Family Vacation Home?

Nutter McClennen & Fish LLP on 6/23/2016

Now that sunshine and blue skies are upon us, people are opening their summer homes for the season. Happy memories of family vacations and gatherings often motivate parents to seek out ways to preserve their second home for...more

Family Vacation Home Planning

Tucker Arensberg, P.C. on 4/27/2016

Transferring a family vacation home to the next generation without causing family strife takes serious planning. Even if the ultimate decision is to have the children own the property outright and figure out how to make it...more

The family vacation home Relax — but don’t relax the rules

Adler Pollock & Sheehan P.C. on 12/4/2015

A shared family vacation home can be a great place for family bonding, but don’t get too relaxed. A little planning — together with some clear rules about the usage of the home — can go a long way toward avoiding conflict and...more

Insight on Estate Planning - Year End 2015

Adler Pollock & Sheehan P.C. on 12/1/2015

Paying for LTC insurance using a tax-free exchange - Nothing can throw a monkey wrench into an estate plan like incurring long-term care (LTC) expenses. These expenses — for nursing home stays, assisted-living...more

Estate Planning for a Vacation Home

Chambliss, Bahner & Stophel, P.C. on 11/6/2014

If you are lucky enough to own a vacation home, then you need to figure out what will happen to it after you are gone. Many parents hope to keep vacation homes in the family, but guaranteeing that can be tricky....more

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Estate Planning › Vacation Homes

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