Summer is winding down and you may have been enjoying our occasional ‘dry’ weather by enjoying and tending to your home…and perhaps even a vacation property.
Looking to the future, some questions to ask include whether your children and grandchildren will enjoy your ‘labor of love’ as much as you do! Do you see the property as binding the family together for generations to come? Or are there issues of equity, in that some children are unlikely to ever use the property while others may use it heavily and want to inherit?
In this Life Happens podcast, attorneys Lou Pierro and Peter Strauss discuss strategies that have helped thousands of homeowners, such as:
leaving property to heirs in a will; the pros and cons
putting property in a trust or Limited Liability Company (LLC)
structuring property transfers so parents can continue to live there for years to come
critical ‘timing’ of asset transfers when it comes to long-term care benefits
Listen to learn how to protect your home and vacation home, by listening to Life Happens.
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