Quote:
Originally Posted by C-Bass
If the reason for selling is not for money or health reasons, you may consider letting the next generation take over the responsibilities for the property if they are willing. For the most part the next generation will never be able to afford to own waterfront. The bar is set far too high for middle/higher income earners to ever be able to afford to live on the water. The people who can afford waterfront right now are the very wealthy and everyone else is shut out.
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I agree with this, since it has worked well for our family. We transferred ownership to a realty trust in 1986. Gifts over a couple of years, so no tax at that time. Since then, three of the original shareholders have died, and two gave their shares to a younger generation. There are several provisions to prevent personal gain by sale.
When you draw up an initial plan, it is worthwhile to go to another firm and pay for a couple of hours for a second opinion. Emphasis on "another firm".