From the Office of Kimberley Hamilton
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Planning for the Family Vacation Spot

 

Your family cabin, cottage, or vacation home may be one of your most significant financial assets. It is also likely to be the one with the most enduring memories and emotional ties. The property may have been in your family for decades with your children and grandchildren experiencing special family gatherings and having spent their summers there. Because of this, you probably have a strong desire to keep the property in your family, to protect it, to pass it down to your children, grandchildren, and maybe even your great grandchildren. This isn't stocks and bonds; it's your legacy!

 

Unfortunately, without proper planning, those inheriting the interests of long-time cabin owners may have too many divergent interests, financial and otherwise, to be workable. These new owners have often never discussed who gets to use the property and when, how to share expenses, handle the maintenance and upon what terms they can be bought out. Disputes can easily occur in these situations. Such family fights are often talked about among cabin (family retreat) owners. Most know at least one family story where after the death of the senior generation the property ended up having to be sold outside the family because the heirs could not work out their differences.

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