TITLE

Keeping the Vacation Home in the Family--Another Use for Limited Liability Companies

AUTHOR(S)
Gardner, Randy; Welch, Julie; Daff, Leslie
PUB. DATE
February 2010
SOURCE
Journal of Financial Planning;Feb2010, Vol. 23 Issue 2, p36
SOURCE TYPE
Academic Journal
DOC. TYPE
Article
ABSTRACT
The article discusses the use of limited liability companies (LLC) for ownership of vacation homes in the U.S. It mentions that LLC can protect owners from lawsuits by users and vacation home creditors, prevent owners from using a right to partition, and promote shared governance and use of the property through an operating agreement. Common terms to be included in an LLC agreement include the right of family members to refuse before the vacation home can be transferred to a non-family member, allocation of the vacation home expenses, and a calendar of occupancy. It notes that LLC should be prepared by the original owners with the input from the family on the operating agreement terms.
ACCESSION #
48074767

 

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