A vacation home is not like other assets.
When working with your client to plan their estate and a vacation home is part of the package, it is important to know that this asset is unlike any other. There are many issues to consider about this asset including that is it an illiquid asset, you need to compare marketable securities, it’s not divisible as there is no such thing as half a kitchen, it has ongoing expenses, and you must also consider family dynamics. This video reviews these issues and discusses different scenarios your clients may find themselves faced with.
Russell A. Willis, III, J.D., LL.M.
Planned Gift Design Services
- Manager of noncash research for Charitable Solutions, LLC, a planned gift risk management consulting firm headed by Bryan Clontz
- Works as a freelance paralegal consultant with nonprofits, donors, and their advisors in structuring charitable contributions of closely held business and real property interests to serve the mutual advantage of all parties
- Provides legal research and advice on income and transfer tax planning more generally and writes the occasional trial or appellate brief
- For ten years, he was a writer and editor for a subscription website that provided daily coverage and in-depth analysis of developments in tax law affecting charitable gift planning
- Launched his newsletter, the Jack Straw Fortnightly, back issues and authored papers are posted to https://www.plannedgiftdesign.com/
- Has spoken at several national and regional conferences and to local planned giving roundtables, community foundations, and bar associations
- J.D. degree, St. Louis University; M.A. degree in English, University of Chicago; M.A. degree in taxation law, Washington University in St. Louis; undergraduate degree in English literature, Indiana University Bloomington
- Can be contacted at [email protected]
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