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.



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

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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