Business Insight presented by Navigant Law Group, LLC Lake House Legacy Planning On winter evenings, do you find yourself dreaming of a second home? Do you catch yourself thinking of a lakeside summer getaway or escaping frozen February to a sunny beach? Is your dream second home a short ride to Lake Geneva, around the southern tip of Lake Michigan to a shoreline getaway, or a snowbird escape from the winters? Perhaps, like me, the Northwoods of Wisconsin beckon. Whatever calls you, that vacation property can have different financial and legal considerations than your primary residence. For many of us, that second home is a core memory and calls us like a siren, whispering to our true selves. We think of it differently than our IRA, or even our primary residence. Perhaps, this is the place where we went as children, or where we took our kids and grandkids to come together as a family. That property may house our dreams and represent the legacy we want to share for generations to come. Failing to appropriately plan for legacy can sometimes feel like ordering a property may have the opposite result single pizza for a group-everyone may of our hopes. Rather than bringing want something different. Kids who live families together, we often see vacation nearby may still use the vacation home property decisions after death create regularly, but kids across the country conflict, leaving loved ones at odds over really wouldn't take advantage of it. ownership responsibilities. For these You get the idea. Attorney Mildred Palmer spouse. Passing down a vacation home properties, basic estate planning likely My best advice: have open and honest will not suffice. conversations about the future of Placing the property into a Trust can the second home. At Navigant Law provide several benefits, including Group, we help families navigate these avoiding probate and protecting against discussions through our Lake House creditors of beneficiaries. However, Legacy planning process. unless the plan is carefully drafted and We begin with begin with a complimentary considered, it may not be enough to keep consultation and guided questionnaire the home in your family for generations. to help families clarify ownership Don't get me wrong; a trust can be at goals, financial responsibilities, buyout the core of planning for legacy assets. options, and long-term planning. Using Trust planning allows you to build your responses, we develop customized structure around ownership, which can legal documents and planning strategies be important when family members are that provide clarity, fairness, and involved. A strong plan goes beyond a structure-helping the property remain a simple trust and considers your family meaningful part of your family's legacy. dynamics. We value your legacy. Call for a consultation to Let's assume your plan is designed to complimentary divide your assets equally among your get started. started. 847-253-8800. www. children after the death of the second. navigantlaw.com NAVIGANT LAW GROUP LLC 847-253-8800 | www.navigantlaw.com 3030 W. Salt Creek Lane, Suite 330, Arlington Heights Business Insight presented by Navigant Law Group , LLC Lake House Legacy Planning On winter evenings , do you find yourself dreaming of a second home ? Do you catch yourself thinking of a lakeside summer getaway or escaping frozen February to a sunny beach ? Is your dream second home a short ride to Lake Geneva , around the southern tip of Lake Michigan to a shoreline getaway , or a snowbird escape from the winters ? Perhaps , like me , the Northwoods of Wisconsin beckon . Whatever calls you , that vacation property can have different financial and legal considerations than your primary residence . For many of us , that second home is a core memory and calls us like a siren , whispering to our true selves . We think of it differently than our IRA , or even our primary residence . Perhaps , this is the place where we went as children , or where we took our kids and grandkids to come together as a family . That property may house our dreams and represent the legacy we want to share for generations to come . Failing to appropriately plan for legacy can sometimes feel like ordering a property may have the opposite result single pizza for a group - everyone may of our hopes . Rather than bringing want something different . Kids who live families together , we often see vacation nearby may still use the vacation home property decisions after death create regularly , but kids across the country conflict , leaving loved ones at odds over really wouldn't take advantage of it . ownership responsibilities . For these You get the idea . Attorney Mildred Palmer spouse . Passing down a vacation home properties , basic estate planning likely My best advice : have open and honest will not suffice . conversations about the future of Placing the property into a Trust can the second home . At Navigant Law provide several benefits , including Group , we help families navigate these avoiding probate and protecting against discussions through our Lake House creditors of beneficiaries . However , Legacy planning process . unless the plan is carefully drafted and We begin with begin with a complimentary considered , it may not be enough to keep consultation and guided questionnaire the home in your family for generations . to help families clarify ownership Don't get me wrong ; a trust can be at goals , financial responsibilities , buyout the core of planning for legacy assets . options , and long - term planning . Using Trust planning allows you to build your responses , we develop customized structure around ownership , which can legal documents and planning strategies be important when family members are that provide clarity , fairness , and involved . A strong plan goes beyond a structure - helping the property remain a simple trust and considers your family meaningful part of your family's legacy . dynamics . We value your legacy . Call for a consultation to Let's assume your plan is designed to complimentary divide your assets equally among your get started . started . 847-253-8800 . www . children after the death of the second . navigantlaw.com NAVIGANT LAW GROUP LLC 847-253-8800 | www.navigantlaw.com 3030 W. Salt Creek Lane , Suite 330 , Arlington Heights