vacation home estate planningSaving the Family Vacation Home
70% of kids lose their parent’s vacation home in the first generation
90% in the second. Learn how to keep the vacation home or family camp in the family for generations
Legacy Property Family Trust
Second Homes & Vacation Property
What is a Family Legacy?
16% of homes in Maine are second homes or vacation homes “family camps”. What is a legacy property? It is a place of memories. A family camp might be a lake house, salt water farm, beach house, ski cabin, or even a townhouse in the city. It is owned by grandparents or parents, or in the succeeding generations, siblings, cousins… AND they want to keep it in the family!
How Do You Keep It?
A potentially valuable property – your heirs will inherit it one day. Often times these family camps are irreplaceable. Due to the appreciation in value of waterfront property, and scenic views, many family camps are now so valuable that the children of their owners could not afford to buy them. But What CAN be done? With proper planning it Could Be Your Legacy
A Good Family Camp Plan Includes
Yours: Mainecare Liens, nursing home costs, law suits | Theirs: divorce, bankruptcy, law suits, substance abuse
Use and Decision Making
Paying for It
Unplanned Life Events
Your Wisdom & Guidance
Planning for the Family Camp is Complex
But There is Good News
“How To” for Maine Family Camps
A Resource Right Here, in Midcoast Maine
we can help you
Accomplish Your Goals
Funding Your Dream
A great way to ensure the memories continue is to fund your Legacy Property Family Trust. Creating enough working capital as part of your estate plan takes the pressure off your family to sell the family camp and perhaps lose the opportunity to have such a property ever again.
Making it Legal
Camps, beach houses, lake houses, vacation home – whatever your family calls it, how do you plan for it? Which is the best entity? An LLC or Partnership? Should you use a Trust? With Tenants in Common or Joint Tenants, any owner can force the sale! You can guide their decisions about keeping the camp, or selling it, buy outs and add ins, whether kids have to share, or get exclusive time, schedules and upkeep. Our process guides you.
How do you protect against possible divorce? Or the remarriage of a surviving spouse? With proper planning you can prevent potentially devastating life events from forcing the sale of your Family Camp.
A plan for your Family Camp that gives creditor protection, divorce, bankruptcy, and Mainecare lien protection. The process lets you select options that fit best with your family customs. Your voice with our legal experience, allows you to easily accomplish your goals.
Give the Gift of Your Wisdom & Guidance
A Legacy Property Family Trust incorporates your voice. While you are here to help guide them your family has shared the Family Camp. When you’re gone, you can continue to help them avoid conflict, resolve disagreements, and use and enjoy the Family Camp together, for generations to come.
What Drives Us
At Penbay Estate Planning Law Center, we are passionate about helping our clients prevent the financial devastation that can happen without proper estate planning. We believe that your Family Camp is something special. It’s worth taking the time to plan for it. What will happen to it, and to your family after you’re gone.
Penbay Estate Planning Law Center regularly offers free Workshops. Attend the “Saving the Family Camp” workshop. Or download the Free Planner to get started.
How to Make a Family Camp Trust
Penbay Estate Planning Law Center is located in Camden Maine. Estate planning attorney Jesse Bifulco can help you put your voice into a legal estate plan. Make a plan now, that will save the Family Camp for generations.
How to Fund A Family Camp Trust
Trust based estate plans and family camp or family cottage, or vacation home funding options. Create a fund to allow your family to use and enjoy the vacation home for generations regardless of their different income levels.
Saving the Family Camp
Penbay Estate Planning Law Center
Camden ME 04843
Bangor Maine location
12 Stillwater Suite 4
Bangor, ME 04401