[{"@context":"https:\/\/schema.org\/","@type":"BlogPosting","@id":"https:\/\/www.amorusolaw.com\/blog\/prevent-vacation-home-inheritance-quarrels-rye-brook-ny\/#BlogPosting","mainEntityOfPage":"https:\/\/www.amorusolaw.com\/blog\/prevent-vacation-home-inheritance-quarrels-rye-brook-ny\/","headline":"Prevent Vacation Home Inheritance Quarrels","name":"Prevent Vacation Home Inheritance Quarrels","description":"Growing numbers of families \u2013 as older parents move into their 80s and 90s \u2013 are finding themselves grappling with the transfer of second homes. If you have a family vacation home, have you considered what will happen to the property after you are gone? While you are undoubtedly enjoying the memories you are making […]","datePublished":"2013-09-24","dateModified":"2023-08-12","author":{"@type":"Person","@id":"https:\/\/www.amorusolaw.com\/blog\/author\/amorusolaw\/#Person","name":"Amoruso & Amoruso LLP","url":"https:\/\/www.amorusolaw.com\/blog\/author\/amorusolaw\/","identifier":5,"image":{"@type":"ImageObject","@id":"https:\/\/secure.gravatar.com\/avatar\/12de032c04195e9c39a06a6d6eea182f7b4fa655c20e245f8094a244b5cdd0cb?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/12de032c04195e9c39a06a6d6eea182f7b4fa655c20e245f8094a244b5cdd0cb?s=96&d=mm&r=g","height":96,"width":96}},"publisher":{"@type":"Organization","name":"Amoruso & Amoruso LLP","logo":{"@type":"ImageObject","@id":"https:\/\/www.amorusolaw.com\/wp-content\/uploads\/2023\/07\/amoruso-logo.svg","url":"https:\/\/www.amorusolaw.com\/wp-content\/uploads\/2023\/07\/amoruso-logo.svg","width":0,"height":0}},"image":{"@type":"ImageObject","@id":"https:\/\/www.amorusolaw.com\/wp-content\/uploads\/2023\/04\/6a01901dd0a082970b019aff8375b8.jpg","url":"https:\/\/www.amorusolaw.com\/wp-content\/uploads\/2023\/04\/6a01901dd0a082970b019aff8375b8.jpg","height":1124,"width":750},"url":"https:\/\/www.amorusolaw.com\/blog\/prevent-vacation-home-inheritance-quarrels-rye-brook-ny\/","about":["Estate Planning","Trusts"],"wordCount":330,"keywords":["Estate Planning","Trusts","Vacation Home"],"articleBody":"Growing numbers of families \u2013 as older parents move into their 80s and 90s \u2013 are finding themselves grappling with the transfer of second homes.If you have a family vacation home, have you considered what will happen to the property after you are gone? While you are undoubtedly enjoying the memories you are making in your second home, the reality is you will have to transfer the property at some point.Transitioning the family vacation home can bring out the best, and the worst, in families. Proper planning in advance can be the key to saving the vacation home \u2013 and the family.MarketWatch recently provided some helpful pointers in an article titled \u201cAvoiding family feuds over vacation homes.\u201dAside from the obvious sibling rivalry issues or parental favoritism (real or imagined), there is the issue of the next \u201cowner.\u201d If you choose one side of the family or one adult child to take up ownership, then you risk slighting others and risk the \u201cfamily\u201d part of the family vacation home. If this is a concern, then you might want to consider creating an \u201centity\u201d to own the property.To allow the ownership of the home to be spread out evenly among family members, consider forming a Limited Liability Company (LLC). This approach can give certain family members a membership stake in the ownership of the home itself and a forum for polite discussion about it.Alternatively, you might consider a trust. The original article stresses a few standby forms of trusts; the Qualified Personal Residence Trust (QPRT) and the simple revocable trust, both of which have their strengths in terms of ownership transfer, conflict mediation, and even some hefty tax benefits if you plan correctly.Ultimately, the approach you take will depend on your unique family dynamics and the home in question. There is no one-size-fits-all approach.Reference: MarketWatch (September 16, 2013) \u201cAvoiding family feuds over vacation homes\u201dFor more information on asset preservation and estate planning, please visit my estate planning website."},{"@context":"https:\/\/schema.org\/","@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"Blog","item":"https:\/\/www.amorusolaw.com\/blog\/#breadcrumbitem"},{"@type":"ListItem","position":2,"name":"Prevent Vacation Home Inheritance Quarrels","item":"https:\/\/www.amorusolaw.com\/blog\/prevent-vacation-home-inheritance-quarrels-rye-brook-ny\/#breadcrumbitem"}]}]