With the end-of-year holidays just past, many can look back on time with family filled with fond memories. Some of those memories may have been generated at family vacation homes that have been enjoyed by several generations of the same family getting together for days of fun.
However, an article in InvestmentNews touched upon an issue that has become common; past memories of vacation home fun is no guarantee of future interest. More parents are discovering that their adult children have no desire to have the family vacation home passed down to them.
A wealth planning expert in the article said, “There’s this aura around a vacation home because it’s where many good memories are made. Many parents are surprised and disappointed to learn that their kids don’t want anything to do with the home.”
What to do with a vacation home can become a source of discord in a family. Tracy Craig, an attorney quoted in the article states, “The vast majority of clients are not 100% certain how the next generation feels about the vacation home. If it’s not dealt with, a vacation home can disrupt sibling relationships and people can end up annoyed and resentful with each other, which is not what parents intended.”
One way to alleviate these issues is to use the property’s value to build a charitable legacy.
Originally posted by Eric Kinaitis at The American Endowment Fund