Quote:
Originally Posted by Biggd
Very admirable, many properties change hands because families are split up all over the country and it places a financial burden on the ones that can't use it.
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I'm very fortunate that through good decisions by previous generations I am in a position to help the next generation. My thought is that by putting the property in an irrevocable trust, perhaps with a dissolution clause that can be enacted at some point in the future, with funding to cover the carrying costs, or at least a good portion of them, the property does not become a burden on the next generation and instead can be enjoyed by all.
I'm not smart enough to do this myself so am working with a lawyer who specializes in this type of thing. I figure it makes sense to do so now when everyone gets along!