Preserving & Passing On the Family Cottage (without destroying the family!)
Adult Enrichment / Career, Technology & Finance -
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 significant family conflict. Also, adding your children as co-owners to your vacation home during your lifetime can have significant negative tax consequences, as well as expose your treasured home to your children’s creditors. With ample time for questions, we will review issues such as: Who can be an owner? How are decisions to be made regarding repairs and upkeep? Who can use the home and when? How do we fund future costs? We will cover planning techniques that create a smooth transition of your family home while protecting this family asset for generations to come.
David Adams, Esq. is a resident of Arlington and founding partner at Pathway Law LLC, a firm specializing in estate planning, elder law, charitable planning, probate, and estate administration. Visit PathwayLaw.com