Learn practical estate planning techniques for vacation homes.
In planning your client's estate, you need to be aware that a vacation home is not like other assets. It may not be enough to say, to my children or their descendants in equal shares, per stirpes. This creates a tenancy in common with multiple, fractional, transferable shares. There may be issues in coordinating the use of the space, or in paying for maintenance and repairs and property taxes. One or another of the children might have issues with creditors or with a divorced spouse. Any one of the cotenants could force a partition sale, probably at a distressed price. But if you put the house in a trust, who should be the trustee, and what should be the limits on his or her discretion? What are the potential tax consequences of using a trust or a limited liability company to hold title? This topic will explore these and related questions and discuss practical planning techniques that can help keep the vacation home in your client's family for generations to come.
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Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Agenda
How Is This Asset Different and Why Does It Matter
- Illiquid
- Not Divisible
- Ongoing Upkeep Expense
- Capital Gains Tax Exposure
- Family Dynamics
Absent a Plan
- Joint Tenancy
- Tenancy in Common
Three Planning Alternatives
- Tenancy in Common Subject to Ownership Agreement
- Irrevocable Trust
- Limited Liability Company
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
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OnDemand Course
This course was last revised on November 6, 2023.
Call 1-866-352-9540 for further credit information.
- AR CLE 1.0
- This course has been approved for 1.0 hours of CLE by the Arkansas CLE Board.
- Arizona CLE 1.0
- The Arizona State Bar does not pre-approve or pre-certify MCLE programs. However, records of this program and attendance will be maintained by Lorman Education Services for auditing purposes. This activity may qualify for up to 1.0 hours toward your annual CLE requirement for the State Bar of Arizona.
- CA MCLE 1.0
- Lorman Education Services is a State Bar of California approved MCLE sponsor and this course qualifies for 1.0 CLE hours of participatory credit.
- CT CLE 1.0
- Neither the Connecticut Judicial Branch nor the Commission on Minimum Continuing Legal Education approve or accredit CLE providers or activities. This course has been approved for CLE credit in jurisdictions aside from CT and therefore it automatically meets the content and delivery requirements in Connecticut. Credit is based on a 60 minute credit hour and shall be awarded as follows: 1.0 CLE credit(s).
- GA CLE 1.0
- This program has been approved by the Georgia Commission on Continuing Lawyer Competency for 1.0 CLE hours.
- HI CLE 1.0
- This program was approved by the Hawaii State Board of Continuing Legal Education for 1.0 CLE credit hours.
- MO CLE 1.3
- This course qualifies for self-study CLE credit in Missouri.
- NH MCLE 1.0
- NH MCLE does not approve or accredit CLE activities for the NH Minimum CLE requirement. Lorman Education Services believes this Ondemand course meets the requirement of NH Supreme Court Rule 53 and may qualify for CLE credit(s). Program Length: 62 Minutes.
- PA CLE 1.0
- This Distance Learning program has been approved by the Pennsylvania Continuing Legal Education Board for 1.0 hours of substantive law, practice and procedure CLE credit.
- RI CLE 1.0
- This program has been approved by the Rhode Island Mandatory Continuing Legal Education Commission for 1.0 hours of CLE credit.
- VT CLE 1.0
- This self-study program has been approved by the Mandatory Continuing Legal Education Board of Vermont for 1.0 hour(s) of CLE credit. Please note: Attorneys may only claim 12 credits per compliance period in this format. This course is considered "Non-Moderated Programming without Interactivity".
- WA CLE 1.0
- This program has been approved by the Washington State Board of Continuing Legal Education for 1.0 hours of A/V credit under the Law & Legal Procedure category.
- WV MCLE 1.3
- This program has been approved by the West Virginia State Bar MCLE Commission for 1.3 MCLE hours.
To earn each credit Lorman offers through the OnDemand learning platform, you need to watch 100% of the program. Also, for certain credits you will need to fulfill additional requirements which will be displayed on the "credits" tab when viewing the course.
This program does NOT qualify, nor meet the National Standard for NASBA accreditation.
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Faculty
Russell A. Willis, III, J.D., LL.M.
Planned Gift Design Services
- Freelance paralegal consultant to advisors for nonprofits and their donors in structuring charitable contributions of closely held business and real property interests to serve the mutual advantage of all parties
- Manager of noncash research for Charitable Solutions, LLC, a planned gift risk management consulting firm headed by Bryan Clontz
- Provides legal research and advice on income and transfer tax planning more generally and writes the occasional trial or appellate brief
- For ten years, was writer and editor for a subscription website that provided daily coverage and in-depth analysis of developments in tax law affecting charitable gift planning
- Six years ago launched his own newsletter, the Jack Straw Fortnightly
- Back issues and authored papers posted to https://www.plannedgiftdesign.com/
- Has spoken at several national and regional conferences and to local and regional planned giving roundtables, community foundations, and bar associations
- J.D. from St. Louis University, LL.M. in taxation law from Washington University in St. Louis, undergraduate degree in English literature from Indiana University Bloomington master’s in Humanities from the University of Chicago
- Can be contacted at [email protected] or 314.566.3386
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Why Lorman?
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