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Originally Posted by Sue Doe-Nym
I guess my question wasn’t completely hypothetical, though that was my intention. We have gone the trust route, but the dialogue that runs through my mind involves “what ifs “ and which route would be better? In a perfect world, the property would pass on to the next generations, BUT the surviving spouse might choose to sell for a variety of reasons, not always related to money or disability. Loneliness could be a huge factor. Anyhow, interesting subject. Thanks.
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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.