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A closer look The Real Estate Legacy Challenge: Keeping Your Home in the Family
Dec 19, 2018
- Keeping a family home as a legacy for future generations is a complex undertaking and difficult to do successfully.
- Managing the relationships between family members, the diverse financial capabilities of individual family members, the inevitable differences of opinion about how to keep and use the home, and the costs of maintaining the property — all of these issues are difficult to accommodate in planning.
- If you’re hoping to retain your home for future generations, and willing to grapple with the many challenges, a plan that establishes a suitable ownership structure, provides funding to care for the home, and establishes policies and practices that foster family harmony offers the greatest chances for a lasting legacy.