Don’t Let Your Vacation Home Become a Memory
- Posted in: Asset Protection
The end of summer is upon us, with many people closing up the summer cottage, and—with wistful backward glances—returning to the hubbub of everyday life. But those happy summer memories, and looking forward to next summer, will keep us going through the winter. And so, to conclude our series on real estate protection and investments, we offer you this article by Sylvia Hsieh on how to keep that treasured vacation property in the family for future generations.
Hsieh accurately points out in her article that in order to keep a property intact and available to ALL your children and grandchildren, care must be taken now to avoid confusion and arguments later. One of the best ways to keep a property available for many beneficiaries is to hold it in trust, with one person (or group of people) serving as trustee, managing the property according to your instructions. This is not the only option, however, and our office can tell you if a trust is right for you, or if your family might benefit from holding property in an LLC or FLP instead.
One of the most important points Hsieh makes in her article is that this issue isn’t an issue exclusive to wealthy families. Your vacation home doesn’t have to be a mansion in the Hamptons. Many middle-class families have a small cabin, a piece of undeveloped property in the woods, or even a timeshare, which serves as the setting for countless happy family vacation memories.
Your children and grandchildren can continue the traditions you’ve begun if you take care to protect your investment now. Let our office help you preserve your vacation property for future generations—and future memories.