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How to Keep Your Vacation Home in Your Family for Generations

Estate planning is especially critical if you have a Family Vacation Home (e.g., cabin, cottage, Florida condo, Door County house, etc.). Any form of real estate that will be held within your family for more than one generation needs the attention of an Illinois, Wisconsin and Florida estate planning attorney who has significant experience in Vacation Home Planning.

Vacation Home Planning will help your family AVOID:

  • ugly conflicts between family members;
  • a partition lawsuit brought by a family member who wants to "cash out" their ownership interest;
  • a disorderly transition from one generation to the next;
  • scheduling conflicts;
  • conflicts regarding upkeep;
  • fights over use of funds in the capital account;
  • unnecessary estate taxes; and
  • many more potential problems that could create family disharmony.

Vacation Home Planning will help your family ACHIEVE ...............

  • a plan for who should make decisions regarding the property;
  • a plan for the payment of expenses related to the upkeep of the property;
  • a plan for how an ownership interest should be valued if a family member wants to sell their ownership interest;
  • rules for who may purchase an ownership interest from a selling family member, if such a sale is allowed;
  • a plan for resolving conflicts between family members without the involvement of the courts;
  • a plan for how to structure the eventual sale of the property, and how sale proceeds will be distributed; and
  • many more benefits, including family harmony.

The centerpiece of a Vacation Home Plan is either a Vacation Home Trust, Vacation Home Partnership Agreement, Vacation Home Tenants-in-Common Agreement, or Vacation Home LLC Operating Agreement (i.e., Limited Liability Company). Which form of Vacation Home Plan is best depends on the particular circumstances of each case. The Illinois, Wisconsin and Florida estate planning lawyer of Sylvester Law Firm will counsel you on which form of Vacation Home Plan will work best for you and your family.

In addition to addressing the issues stated above, following are some of the issues that a well-prepared Vacation Home Plan will cover:

  • identification of the parties involved with the plan;
  • maintaining the "books" for the plan;
  • capital contributions to the plan;
  • vacation home endowment (i.e., capital account);
  • rights of the parties involved with the plan;
  • decision making authority;
  • voting on major decisions;
  • withdrawal from the plan by a family member;
  • transfer of ownership of a family member's interest;
  • put and call options for sales of vacation home interests;
  • scheduling use of the vacation home;
  • what happens if a member becomes bankrupt or goes through a divorce;
  • dissolution of the plan and distribution of sale proceeds; and
  • many, many more miscellaneous provisions.

Establishing a Vacation Home Plan is an advanced form of estate planning. Not all "estate planning" lawyers are capable of setting up and implementing Vacation Home Plans. The Illinois, Wisconsin and Florida estate planning lawyer of Sylvester Law Firm has significant experience in preparing Vacation Home Plans. We welcome you to call us at (847) 251 - 2999 to discuss how a Vacation Home Plan will help you and your family.

Sylvester Law Firm, PC - Chicago Attorney
1000 Skokie Blvd., Suite 320
Wilmette, IL 60091. View Map
Call Us Today 847.251.2999
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The information on this website is for general information purposes only. Nothing on this site should be taken as legal advice for any individual case or situation. This information is not intended to create, and receipt or viewing does not constitute, an attorney-client relationship.