A family vacation home is more than just a piece of real property. It is a place where cherished memories are made by the dozens. It is also an asset that some individuals hope to pass down from generation to generation. If you feel this way about your vacation home, you can develop an estate plan that accomplishes your goal of keeping your valuable property in the family.
A California estate planning attorney can help you transition ownership of your valued home to the next generation while reducing tax implications. You may be interested in tailoring an estate plan that slowly transfers ownership of the home to the next generation of family members during your lifetime. This option utilizes federal tax law so that you can reduce your estate tax by taking advantage of lifetime gift tax deductions.
For more information about estate plans tailored to your specific needs, please contact our San Jose estate planning attorneys at Lonich Patton Ehrlich Policastri. Please remember that each individual situation is unique and results discussed in this post are not a guarantee of future results. While this post may include legal issues, it is not legal advice. Use of this site does not create an attorney-client relationship.