By Harry S. Margolis
An old friend recently got in touch regarding his family's vacation home on an island off the Maine coast. He and his three sisters inherited the house from their parents and now one of them wants to be bought out. The other two can't afford to buy her out, but they don't want to lose the house which has sentimental value to them and is still the place their families come for vacation every year.
This situation raises many of the questions that need to be asked and answered when planning for a vacation home, whether by parents or by the next generation when they inherit the house. In this case, the family in fact created a trust that answers many of the important questions, but is a bit ambiguous about what would happen if one or more children wanted to opt out.Read More