Paul L. Caron
Dean




Monday, September 16, 2013

WSJ: How to Divvy Up the Family Vacation Home

Beach HouseWall Street Journal:  Divvying Up the Summer House, by Kelly Greene:

For baby boomers closing their family's summer home until next year, one question looms large: What happens after their parents—many in their 80s and 90s—are gone?

Unresolved squabbles over who pays for a new roof or gets Fourth of July week can lead to a decision to sell the place. Other families try to head off potential disputes by hiring wealth advisers and estate lawyers with experience putting plans into place well in advance. ... Here are some of the more successful strategies experts have used for handing down a second home:

  • Use a limited liability company
  • Consider a QPRT
  • Weigh other options
  • Sort out the calendar
  • Create an escape hatch

https://taxprof.typepad.com/taxprof_blog/2013/09/wsj-how.html

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Comments

Just the other day, I was concerned with the cholesterol level of lobster bisque and the problem of dry rot in the tires of my Porsche which gets little road action after October 15, as the roads in Aspen don't allow me to drive the convertible after the first snow. I happened upon that WSJ article, and it made me forget about those minor worries. Now, I need to worry about the tax consequences of Summer Acre. What to do?

Posted by: Inigo Montoya, esq | Sep 16, 2013 2:52:25 PM