Connors & Sullivan attorneys at law, pllc
Tell Us About Your Estate Planning Needs:
718-414-6209

Passing that beloved vacation home to your children

The family cabin up north, right on the lake and away from the hustle and bustle of the city, is a source of treasured memories for parents and children. It's natural to want to pass that gift on to ensure future generations can enjoy it in the same way.

So how do you go about it? Here are a couple of steps you should consider taking.

Talk about it

It's important to gauge the interest of your children before you leave the family cabin to them in your estate plan. Memories of warm summer days spent with loved ones at your vacation home can evoke strong emotions. But inheriting a property - even a cherished one - can bring new responsibilities.

Talk to your children. See which of your sons or daughters are interested in taking on the vacation home in the future. It's possible one of your children is more attached to the property than the others.

Don't skip out on the practical details. They should be made aware of things like maintenance, upkeep costs, taxes and other needs. That will help them make an informed decision. Doing so can help avoid surprises and disarm any potential sibling feuds before they even start.

Determine how to pass it along

Real estate can be passed down in a few ways, including:

  • Directly through a will
  • Via a trust
  • As a gift

There are pros and cons to each choice. One might be more expensive upfront than the others, for example, but lead to less work down the line for those inheriting the property.

The best course of action for your will depend on your goals and circumstances. An attorney can help you work through these options and find a suitable answer.

No Comments

Leave a comment
Comment Information
Your Trusted Guides For Every Stage Of Life And Every Step
Of The Estate Planning Process
EMAIL US FOR A RESPONSE

Set Up Your Free Initial Consultation

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Connors & Sullivan attorneys at law, pllc

Visit us at one of our 5 locations.

Brooklyn Office
7408 Fifth Avenue
Brooklyn, NY 11209

Phone: 718-414-6209
Fax: 718-238-2616
Brooklyn map

Bayside Office
200-20 Northern Boulevard
Bayside, NY 11361

Phone: 718-414-6209
Bayside map

Middle Village Office
79-43 Metropolitan Avenue
Middle Village, NY 11379

Phone: 718-414-6209
middle village map

Staten Island Office
1250 Hylan Boulevard
Staten Island, NY 10305

Phone: 718-414-6209
staten island map

Manhattan Office
110 East 59th Street
New York, NY 10022

Phone: 718-414-6209
Map & Directions