Giving The Family Cottage, Camp, or Vacation Home to Future Generations

A common planning goal and asset is planning for a parcel of land, a camp, vacation home, a cottage, or perhaps a hunting lodge that his been in the family for generations, that you want to keep in the family for future generations. How do you pass that family camp on to future generations? Say you live in New York and you have a family cottage or camp in Vermont which you want to pass to future generations. Further, let’s say you inherited that camp from your parents who in turn inherited it from your grandmother. It’s been in the family a long time, and you want to keep it that way. There are many different approaches that might be used to achieve your goal. And the approaches may differ depending on the laws in the state where the property is located and the state in which you live. Also, if your estate is quite large and estate tax is a concern, the planning may change. But here are a few ideas that may be useful to many plans.