Should Family Members or Friends Co-Own A Vacation Home?
Thinking of going in on a vacation home with buddies and in-laws? Maybe a European summer house, or a Ski Chalet in Vail or perhaps a Nantucket summer cottage?
- The Wall Street Journal had a great article today on “How to Own a Vacation Home…..” Here is the link: http://online.wsj.com/articles/how-to-own-a-vacation-homewith-someone-else-1402685813
What Florida Estate Planning Attorneys Advise
- Ask your Florida probate lawyer, the kind that writes wills and trusts, and they may have a different approach.
- Some experienced Florida probate attorneys may suggest you shy away from co ownership.
- Why?
- Inevitably, there will be a disagreement (read: “fight”) over who can visit, and when, how long people or visitors, friends and family can stay, whether $$ will be spent to improve or not improve, what color the drapes should be., etc….. you get the picture.
Hey, interest rates are low and the real estate market is coming back. Maybe now is the time to nix the idea of a co owner, take some of those stock market gains, and buy your own vacation home. Plenty for sale in Florida !
Talk to your Florida probate lawyer about how the vacation home will be held or owned.
- In your individual name(s)?
- A Florida limited liability company?
- Corporation or partnership?
- Or simply joint names with rights of survivorship.
- Remember: in Florida, there are certain rights about joint ownership by spouses: tenancy by the entirety. Ask you Florida estate lawyer.