Bowditch: Help Clients Plan Who Inherits Their Vacation Home
The weather is still great. The grill is still out. Your client hasn’t put away the yard furniture yet and is still enjoying another summer of barbecues, late nights on the porch and watching their family play games in the yard. While living in that bliss, it’s easy for clients to assume that the house will be there forever, that everyone loves it as much as they do and that it will be passed down to their children seamlessly. Unfortunately, that assumption is exactly what causes problems.
A vacation home becomes one of the hardest assets to hand down cleanly and requires careful planning, because the value of a vacation home isn’t just financial; it’s emotional. Your clients need to avoid the common pitfall of assuming all of their children want the vacation home and can afford to maintain it.
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