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Estate Planning for Vacation Homes

 Lorman Education Services
nSummer and holiday gatherings at the family vacation home have become important traditions for many families. Providing a place where family members can relax, reconnect and escape the busy pace of life is increasingly significant to many families. Parents want to perpetuate these cherished memories and experiences throughout the generations. To do so requires careful, thoughtful planning by both the parents who own the property and those to whom they would like to pass this unique legacy. This teleconference will review the many options available to vacation homeowners to plan for such important transfers. You'll learn about the mechanics of such strategies, as well as the potential pitfalls. Since every family dynamic is different, there can be no single strategy that will work for every family. Our experienced faculty has worked closely with many families to define and meet their planning goals so that they may preserve and transfer assets to successive generations.
This is primarily teleseminar training
instructor led trainingThis class may be available at a classroom in Milwaukee, WI,
Duration:1 days
Training Presented in:English
Training Provided by Lorman Education Services
Click here for more information or to take this course
Estate Planning for Vacation Homes
Agenda

  1. Transfer Techniques
    1. Testamentary Transfers
    2. Outright Gifts: One-Time Gift vs. Fractional Gifts Over Time
    3. Transfers With Retained Interests
      1. Life Estate in the Older Generation
      2. Qualified Personal Residence Trusts
      3. Sale or Leaseback
    4. Use of Newly Created Entities to Facilitate Transfers
      1. Family Limited Partnerships
      2. Family Limited Liability Companies
      3. S Corporations
      4. Irrevocable Trusts
    5. Intrafamily Sales
      1. Third-Party Financing
      2. First Generation Financing
        3. a. Outright Sale to Children
        b. Sale to an Intentionally Defective Irrevocable Trust
  2. Tax Considerations to Transferring Family Property
    1. Federal and State Estate Taxes
    2. Federal and State, If Any, Gift Taxes
    3. Federal Generation-Skipping Taxes
    4. Federal and State Capital Gains Taxes If Property Is Sold to Family Members
    5. Federal and State Income Taxes on Debt Service If the Intrafamily Sale Is Financed
    6. Attention to Use of Well-Prepared Qualified Appraisals
  3. Second Generation Issues and Considerations
    1. Do the Children Really Want the Properties and the Responsibilities Attached to It?
    2. How Will the Property Be Managed by the Children's Generations?
    3. Who Will Pay Bills for the Property? What Happens If There Is a Significant Cash Need and the Financial Circumstances of the Children Are Considerably Different?
    4. How Will Use of the Property by the Various Families Be Regulated?
    5. What If One Child Moves Away and Can No Longer Use the Property as Much as Others?
    6. What If One Child Simply Wants Out of Ownership of the Property?
    7. What Happens to a Child's Interest in the Property Upon His or Her Death?
    8. What Role Do or Should In-Laws Play in Managing or Potentially Owning a Share of the Property?
    9. What If a Child Who Owns a Share in the House Has Creditors?
  4. Addressing Ownership Beyond the Second Generation
    1. Generation-Skipping Transfer Tax Planning
    2. Use of Perpetuity Trusts
    3. Practicalities of a "Never Sell the House" Mandate
    4. Providing Funding for Future Generations to Maintain the Property
    5. Endowment Through Gift
    6. Bequest at Death
    7. Use of Life Insurance
    8. Provisions for Selling One's Interest in the Property to Other Owners
    9. Establishing Mechanisms for Resolving Potential Disputes
About The Training Provider: Lorman Education Services
Lorman Education Services - Lorman Education is dedicated to providing cost-effective training opportunities that meet the needs of our members and enhance their skills, knowledge, and competencies. Please use Priority Code 16175 when registering. Lorman Education Services began offering continuing education seminars in 1987. Lorman Education is dedicated to providing cost-effective training opportunities that...
Click here for more information or to take this course
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