01.16.2024 Multi-Gen
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Multi-Generational Planning for Second Homes and Heirloom Properties
Presented by Tim Borchers, Esq., AEP®, Borchers Trust Law
In this webinar, estate planning attorney Tim Borchers delves into the complexities and solutions surrounding second homes and Heirloom Property ownership. Tim started by examining what sets Heirloom Properties apart and why they present unique challenges that demand specialized attention to avoid tearing families apart. Using real-life case studies, he explored the pitfalls commonly associated with co-ownership and shared insights from personal experiences. The session guided you through essential legal frameworks and strategies for successfully passing down such properties, focusing on key ownership and organizational terms.
Attendees Comments:
A few comments from listeners when they were asked what the learned from the webinar:
1)Using a LLC as a legal structure or strategy for ownership transfer 2) Using an inherited Roth IRA to fund the property, with a clear ending point. 3) Heirloom Covenant (new term) which takes effect at death of first generation (August Terms).
- Jacqueline B.
Be more proactive in discussions with family members. See if parents have vision for how property is to be used and how kids feel about the property.
- Jeff B.
I hadn't heard of Heirloom properties before. Great overview. Webinar brought all the challenges to my awareness and how critical advanced planning is over heirloom properties.
- Marian J.
I found it helpful to hear the stories of how circumstances have played out in certain situations with heirs.
- Kathryn Y.
The need for parents to discuss their estate planning goals with their children was a very important idea reviewed in the session. Learning about the assets protection trust was quite important. I was unfamiliar with this type of trust.
- Alfred M.
1)Using a LLC as a legal structure or strategy for ownership transfer 2) Using an inherited Roth IRA to fund the property, with a clear ending point. 3) Heirloom Covenant (new term) which takes effect at death of first generation (August Terms).
- Jacqueline B.
Be more proactive in discussions with family members. See if parents have vision for how property is to be used and how kids feel about the property.
- Jeff B.
I hadn't heard of Heirloom properties before. Great overview. Webinar brought all the challenges to my awareness and how critical advanced planning is over heirloom properties.
- Marian J.
I found it helpful to hear the stories of how circumstances have played out in certain situations with heirs.
- Kathryn Y.
The need for parents to discuss their estate planning goals with their children was a very important idea reviewed in the session. Learning about the assets protection trust was quite important. I was unfamiliar with this type of trust.
- Alfred M.
1)Using a LLC as a legal structure or strategy for ownership transfer 2) Using an inherited Roth IRA to fund the property, with a clear ending point. 3) Heirloom Covenant (new term) which takes effect at death of first generation (August Terms).
- Jacqueline B.
Be more proactive in discussions with family members. See if parents have vision for how property is to be used and how kids feel about the property.
- Jeff B.
I hadn't heard of Heirloom properties before. Great overview. Webinar brought all the challenges to my awareness and how critical advanced planning is over heirloom properties.
- Marian J.
I found it helpful to hear the stories of how circumstances have played out in certain situations with heirs.
- Kathryn Y.
The need for parents to discuss their estate planning goals with their children was a very important idea reviewed in the session. Learning about the assets protection trust was quite important. I was unfamiliar with this type of trust.
- Alfred M.