Do you have a succession plan for your vacation home?
Abstract: Few estate planning issues are as emotionally charged as the disposition of the family home. And emotions may run even higher with vacation homes, which often evoke even more fond memories. So it’s important to address one’s vacation home in an estate plan. This article discusses considerations that should be addressed in transferring a home. Or, for those who are not yet ready to give up ownership, it explores other strategies, such as a qualified personal residence trust (QPRT) or qualified terminable interest property (QTIP) trust.