Your Vacation Home Needs an Estate Plan!

There are several ways to pass on a vacation home down to your loved ones, and they all come with some pros and cons to consider.

A little girl runs out of a beach house with a plastic shovel in her hand.
(Image credit: Getty Images)

Do you have a treasured second home, summer property or another vacation residence that your family enjoys? Have you thought about what happens to this beloved property when you die? If you do not plan appropriately and thoughtfully, problems may arise with respect to this property and your family when you are gone.

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Tracy Craig, Fellow, ACTEC,  AEP®
Partner and Chair of Trusts and Estates Group, Seder & Chandler, LLP

Tracy A. Craig is a partner and chair of Seder & Chandler's Trusts and Estates Group. She focuses her practice on estate planning, estate administration, prenuptial agreements, guardianships and conservatorships, elder law and charitable giving. She works with individuals in all areas of estate and gift tax planning, from testamentary estate planning and business succession planning to sophisticated lifetime leveraged gifting techniques, such as grantor retained annuity trusts (GRATs), intentionally defective grantor trusts, family limited liability companies and qualified personal residence trusts (QPRTs). Tracy serves in various fiduciary capacities, including trustee and personal representative (formerly known as executor). She also works with clients on issues facing elders.