By David A. Kubikian, Esq.
When people own something of sentimental value, they are sometimes unsure of how to pass it down to their family for future generations to enjoy. This is especially the case with a vacation home or camp that has been in the family for years.
Example: You own a beach or lake-front vacation home for years in a now sought-after area. You have seen your children (and grandchildren) grow up there and recall memories of watching sunsets over the water, roasting marshmallows over a campfire, and teaching the kids how to swim. It may be difficult to think that this home will be sold out of the family when you die and would like to preserve it for enjoyment of generations to come.
How can you best insure this property will be there for future generations to enjoy (and at times cohabitate), as your family tree grows or in future after your passing?
Who will be responsible for paying the Insurance? Taxes? Repairs? Maintenance? Fees?
Who decides which family members or friends use it and when?
What impact would future divorces or bankruptcies have on the property?
How can you protect the property from a Medicaid spend down?