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White Paper

Estate Planning for the Vacation Home

 

Transferring property from one generation to the next has its own set of difficulties.

Planning to transfer the family vacation home from one generation to the next, possibly for multiple generations, requires just that … planning. The underlying premise is that the vacation home is different from other assets passing from the parents to subsequent generations. There is a nostalgic value trying to be preserved, the property should somehow be preserved intact through at least two or three generations, the desire that an increasingly extended family should somehow be able to share the use of the property equitably, etc. This white paper reviews how to plan for the incumbent generation and discusses Section 121 gain exclusion and Section 1031 like-kind exchange scenarios.

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Estate Planning for the Vacation Home

Agenda

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Estate Planning for the Vacation Home

Faculty

Russell A. Willis, III, J.D., LL.M.

Russell A. Willis, III, J.D., LL.M.

Planned Gift Design Services

  • Until recently based in Portland, Oregon, now transplanted to Tucson, Arizona, he works as a freelance paralegal consultant with nonprofits, donors, and their advisors in structuring charitable contributions of closely held business and real property interests, so as 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
  • More recently he has launched his own newsletter, the "Jack Straw Fortnightly," back issues of which are posted to his website, https://www.plannedgiftdesign.com/
  • Has spoken at any number of national and regional conferences, and to local planned giving roundtables, community foundations, and bar associations; some of his recent papers are also posted to his site
  • J.D. degree, St. Louis University; undergraduate degree in english literature, Indiana University in Bloomington; M.A. degree in english, University of Chicago; M.A. degree in taxation law, Washington University in St. Louis, Missouri, where he practiced law for more than twenty years
  • Can be contacted at [email protected]
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Estate Planning for the Vacation Home

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