Keeping Vacation Properties in the FamilyWith: Jeff Starbird
It is easy to understand why most families would want to keep a vacation property in the family for the use of future generations after years of wonderful memories. It is harder to understand the potential problems that might arise when the founding generation is no longer able to take care of the property. We discuss many of the problems that might come up for succeeding generations including maintenance issues, payment of bills and real estate taxes, scheduling issues, ownership of the property and estate planning options. There are some great suggestions here for dealing with these issues and more in order to have the opportunity to enjoy the property for some time to come.