How to make a family vacation home work for you

Description

Abstract: Individuals considering buying a vacation home need to choose an ownership structure, whether it’s a corporation, a trust, tenants in common (TIC) or a limited liability company (LLC), that will best serve them going forward. This article suggests that though each structure has its pros and cons, an LLC might offer the most benefits. It lists a number of those benefits, such as that an LLC structure will limit family members’ exposure to personal liability lawsuits associated with the property and allow avoidance of probate at the owner’s death.