Frequently I will meet with families, whether it’s a single individual or a married couple, and they will want to leave their family vacation property to their family, whether it’s their children or other loved ones.
If there’s more than one child or more than one loved one who will inherit the family vacation property, it’s worthwhile to have a serious conversation with them about what your goals and desires are.
From the planning perspective, you will want to get into details, such as who will own the property, how are the expenses for the property shared, and you’ll also want to discuss tax issues. There are a number of different tax issues that may come up.
If you would like to have a conversation about planning for your family vacation property, feel free to click the link or contact my office.
