
The Complexities of Co-Owning a Vacation Home
Explore the benefits and challenges of co-owning a vacation home, and how an estate planning attorney can help prevent potential disputes.

Explore the benefits and challenges of co-owning a vacation home, and how an estate planning attorney can help prevent potential disputes.

When multiple generations live on the same property, issues over ownership, who inherits what and who provides what can get complicated fast.

The family vacation home is often a point of pride, a place for reconnecting and making memories. A vacation home, whether it’s in the mountains, near the sea, on a lake, or on a farm, can have sentimental as much as economic value.

An LLC is a particularly flexible form of business entity that is governed by statute and most often is organized in the estate planning context as a ‘manager managed’ LLC.

The new federal law is called the Corporate Transparency Act (the “CTA”). The purpose of the CTA is to create a comprehensive, searchable, national database of companies.

You and your spouse may visit the same primary doctor, financial advisor and tax preparer. However, what about preparing your wills?

No matter what industry you might be in, what your long-term goals might be, or how your business is structured, you know that you need to be planning for the future.

Perhaps the largest number of people who may benefit from asset protection planning are those who are at most mildly concerned about asset protection issues, or not even aware of the need for such planning.

These vehicles let a family manage multiple interests, preserve parental control and protect assets from claims of creditors and divorcing spouses, among other benefits.

These vacation homes may also comprise a significant portion of the family’s wealth. Therefore, it’s understandable that homeowners want to pass their properties and family traditions to future generations.