• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • Our Promise to You During COVID-19/Coronavirus
    • Home
    • Our Firm
      • About Our Firm
      • Attorney and Staff Profiles
      • Speaker Connection
    • Services
      • Asset Protection & Business Planning
      • Elder Law & Medicaid Services
      • Estate Planning Services
      • Financial Planning Assistance
      • Incapacity Planning
      • IRA & Retirement Planning
      • Legacy Planning
      • LGBTQ Estate Planning
      • Probate
      • SECURE Act
      • Special Needs Planning
      • Wills & Trusts
    • Elder Law
      • Coping with Alzheimer’s
      • Guardianship and Conservatorship
      • Medicaid Crisis Planning
      • Medicaid Planning
    • Seminars
    • Webinars
    • Resources
      • Elder Law Resources
        • Elder Law & Medicaid Definitions
        • Elder Law Reports
      • Estate Planning Resources
        • Estate and Gift Tax Figures
        • Estate Planning Articles
        • Estate Planning Definitions
        • Estate Planning Reports
          • Advanced Estate Planning
          • Basic Estate Planning
          • Estate Planning for Niches
          • Trust Administration
        • Estate Planning Worksheet
        • Is Your Estate Plan Outdated?
      • Free Consultation
      • Free Estate Planning Seminars
      • Frequently Asked Questions
        • Estate Planning FAQs
        • Trust Administration & Probate FAQs
      • Newsletters
      • Our Client Care Program
      • Pre Consultation Form
      • Professional Resources
        • Educational Alerts
    • Reviews
      • Our Reviews
      • Review Us
    • Contact Us
    • Blog

    McGee Law Firm

    Your Resource for Estate Planning, Elder Law and Medicaid / VA Planning

    Call Us Today 817-899-3286
    • Facebook
    • Instagram
    • LinkedIn
    • YouTube
    Attend a Free Seminar
    Attend a Free Webinar
    Estate Planning Webinar
    Nursing Home Webinar
    Home / Estate Planning / Keeping Your Vacation Home in the Family

    Keeping Your Vacation Home in the Family

    April 1, 2021 by Brandon McGee

    Compliments of the McGee Law Firm, Attorney Brandon McGee

    Vacation homes hold a special place in our hearts. Everyone with a vacation home in the family has memories of special times shared with family and friends. Summer weekends and holidays at the lake or mountain home give a rare chance for families and friends to bond without the distractions of the outside world. 

    But, without careful planning, the vacation home can tear families apart after the passing of the parents. That’s what happened to the Jackson family. Bob and Jean had purchased a lake home shortly after they got married. They spent precious times there with their children and grandchildren. It’s where their son, Bobby, took his first steps and where their daughter, Lisa, learned to fish and appreciate the outdoors. They spent most holidays and special occasions at the lake. But when Bob and Jean died, Bobby and Lisa could not agree on how to divide the property. Their parents’ Trust said each should get ½ the value. But did that mean they needed to sell the property? Who would pay for the upkeep and do the work? If they kept it, who could use it during the holidays? Understandably, they both were emotionally attached to it. The lake home’s increased value compounded the problem because it represented the majority of the economic value left by their parents. When the arguments escalated, the fight became more bitter and it finally ended up in court. The judge ordered a sale of the lake home. Due to inadequate planning, the Jacksons’ cherished lake home did not stay in the family but, rather, tore the family apart.

    But, this horrible outcome could have been avoided. Since both their kids wanted the lake home, they could have had their Trust specify a shared use arrangement. The arrangement could have specified a method to divide the use and the expenses. Their Trust could have provided a fund for shared expenses. In other family situations, life insurance could provide the liquidity to allow the vacation home to go to one child while other assets went to others. 

    Whether your vacation home is a cottage or an estate, by the water or in the mountains, a time share or a ranch, your vacation home is an invaluable asset and the focal point of much of your family’s history. There is a right way to plan for your vacation home – like having a shared use agreement in your estate plan. Not planning, or not planning with sufficient provisions for the vacation home, like the Jacksons, is the wrong way to plan. A qualified estate planning attorney, who focuses his or her practice in estate planning, can help you keep it in the family while avoiding family discord.

    Compliments of the McGee Law Firm, Attorney Brandon McGee an established member of the prestigious American Academy of Estate Planning Attorneys, as well as the National Academy of Elder Law Attorneys 


    Written By: The American Academy of Estate Planning Attorneys

    • Author
    • Recent Posts
    Brandon McGee
    Brandon McGee
    Brandon McGee enjoys a successful law practice focusing on estate planning, elder law, Medicaid preplanning and crisis planning, and probate. Brandon and his team combine legal skills with compassion and understanding to develop estate plans that are personalized to the needs of each of their clients.
    Brandon McGee
    Latest posts by Brandon McGee (see all)
    • What to Tell Your Adult Children About Estate Planning - April 14, 2021
    • Preparing for the Unexpected…and the Eventual - April 13, 2021
    • Selecting an Estate Planning Attorney – Wisely - April 8, 2021

    Filed Under: Estate Planning, Trusts

    About Brandon McGee

    Brandon McGee enjoys a successful law practice focusing on estate planning, elder law, Medicaid preplanning and crisis planning, and probate. Brandon and his team combine legal skills with compassion and understanding to develop estate plans that are personalized to the needs of each of their clients.

    Primary Sidebar

    Blog Subscriptions

    • This field is for validation purposes and should be left unchanged.

    Follow us

    • Facebook
    • LinkedIn
    • YouTube

    TESTIMONIALS

    -Rebecca Javins
    Client Review
    September 2, 2020
        

    I am so glad I was fortunate enough to be referred to Brandon McGee. He listened to my needs and developed an estate plan that is comprehensive and addresses all my needs and concerns. I highly recommend him and his firm. I sleep much better now knowing everything is in place.

    default image
    -Rebecca Javins

    Fort Worth Address

    Fort Worth
    810 W. 10th Street
    Fort Worth, TX 76102
    United States (US)
    Phone: (817) 899-3286
    See Larger mapGet Directions

    Fort Worth Map

    map

    Southlake Address

    Southlake
    101 River Oaks Dr., Ste. 110
    Southlake, Texas 76092
    United States (US)
    Phone: (817) 899-3286
    See Larger mapGet Directions

    Footer

    • Advantages of Working With our Firm
    • About the American Academy
    • Disclaimer
    • Sitemap
    • Contact Us

    Connect to Us

    • Facebook
    • Instagram
    • LinkedIn
    • YouTube
    footer logo

    © 2021 McGee Law Firm
    All Rights Reserved