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Keeping Your Vacation Home in the Family

July 15, 2021 by Ronald "Chip" Morrison

Vacation homes hold a special place in our hearts. Everyone with a vacation home in the family has memories of special times shared with family and friends. Summer weekends and holidays at the lake or mountain home give a rare chance for families and friends to bond without the distractions of the outside world.

But, without careful planning, the vacation home can tear families apart after the passing of the parents. That’s what happened to the Jackson family. Bob and Jean had purchased a lake home shortly after they got married. They spent precious times there with their children and grandchildren. It’s where their son, Bobby, took his first steps and where their daughter, Lisa, learned to fish and appreciate the outdoors. They spent most holidays and special occasions at the lake. But when Bob and Jean died, Bobby and Lisa could not agree on how to divide the property. Their parents’ Trust said each should get ½ the value. But did that mean they needed to sell the property? Who would pay for the upkeep and do the work? If they kept it, who could use it during the holidays? Understandably, they both were emotionally attached to it. The lake home’s increased value compounded the problem because it represented the majority of the economic value left by their parents. When the arguments escalated, the fight became more bitter and it finally ended up in court. The judge ordered a sale of the lake home. Due to inadequate planning, the Jacksons’ cherished lake home did not stay in the family but, rather, tore the family apart.

But, this horrible outcome could have been avoided. Since both their kids wanted the lake home, they could have had their Trust specify a shared use arrangement. The arrangement could have specified a method to divide the use and the expenses. Their Trust could have provided a fund for shared expenses. In other family situations, life insurance could provide the liquidity to allow the vacation home to go to one child while other assets went to others.

Whether your vacation home is a cottage or an estate, by the water or in the mountains, a time share or a ranch, your vacation home is an invaluable asset and the focal point of much of your family’s history. There is a right way to plan for your vacation home – like having a shared use agreement in your estate plan. Not planning, or not planning with sufficient provisions for the vacation home, like the Jacksons, is the wrong way to plan. A qualified estate planning attorney, who focuses his or her practice in estate planning, can help you keep it in the family while avoiding family discord.

Mr. Ronald “Chip” Morrison, Jr. is a board-certified estate planning attorney and a member of the American Academy of Estate Planning Attorneys. He has been engaged in the practice of estate law for the last 16 years. The firm serves clients throughout southern Louisiana and has helped thousands of clients meet their estate planning goals and pass on lasting legacies to their loved ones. For more information or to attend an upcoming seminar, please call our office at (504) 831-2348 or contact us through our website.

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Ronald
Ronald "Chip" Morrison
Ronald “Chip” Morrison, Jr. is a Board Certified Estate Planning Law Specialist as certified by the Louisiana Board of Legal Specialization. He is admitted to practice before all State courts in Louisiana. He is also admitted to practice before the United States District Court for the Eastern and Middle District of Louisiana.
Ronald
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About Ronald "Chip" Morrison

Ronald “Chip” Morrison, Jr. is a Board Certified Estate Planning Law Specialist as certified by the Louisiana Board of Legal Specialization. He is admitted to practice before all State courts in Louisiana. He is also admitted to practice before the United States District Court for the Eastern and Middle District of Louisiana.

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