Arlington Community Education

Vacation homes often represent some of a family’s most cherished memories and legacies for children and grandchildren. However, planning for their transfer to the next generation can be messy and lead to family conflict. Plus, adding your children as co-owners during your lifetime can have significant adverse tax consequences down the road, as well as expose your treasured home to your children’s creditors. This class will cover planning techniques to promote a smooth transition of your vacation home, protecting this important asset for future generations. We will review issues such as: Who can and should be an owner and when? Who can use the home and how to divide up time? How best do owners make decisions regarding repairs and upkeep? What are options to fund future costs? Come with your toughest questions!