If you own a vacation home, chances are you'd like to pass it on to future generations?and ensure that it's maintained properly for your heirs to enjoy. But there are questions you need to consider before incorporating your vacation home into your estate plan. For example, would you like to place any restrictions on the use of the property? Who will be responsible for paying for property repairs and upkeep? Are you comfortable with your heirs turning the home into a rental property? Creating a limited liability company (LLC) for your property allows you to make provisions for each of these issues, ensuring that your vacation home transfers seamlessly from one generation to the next.
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