second home estate planning
Saving the Family Camp70% lose it in the first generation, 90% in the second. Learn how to keep the family camp in the family for generations
Legacy Property Family Trust
Second Homes & Vacation Property
What is a Family Camp?
16% of homes in Maine are family camps or cottages (second homes) What is a family camp? It is a place of memories. A family camp might be a lake house, salt water farm, beach house, ski cabin, or even a townhouse in the city. It is owned by grandparents or parents, or in the succeeding generations, siblings, cousins… AND they want to keep it in the family!
How Do You Keep It?
A potentially valuable property – your heirs will inherit it one day. Often times these family camps are irreplaceable. Due to the appreciation in value of waterfront property, and scenic views, many family camps are now so valuable that the children of their owners could not afford to buy them. But What CAN be done? With proper planning it Could Be Your Legacy
A Good Family Camp Plan Includes
Creditor Protection
Yours: Mainecare Liens, nursing home costs, law suits | Theirs: divorce, bankruptcy, law suits, substance abuse
Use and Decision Making
Who get’s to use the camp? when? What about divorce? Balancing between children who have children, and those who don’t? Can they ever sell their interests? How about buying another’s interest?
Paying for It
While not every estate plan sets aside money for the Camp, it is a great way to insure that the whole family gets to use it -regardless of differences in their income. Consider a family legacy endowment fund.
Unplanned Life Events
Yours: the remarriage of a surviving spouse |Theirs: divorce, stepchildren. How do you treat everyone fairly, and still protect?
Your Wisdom & Guidance
While you are here, the Family Camp is a place of harmonious gatherings. You can give them the benefit of your guidance and wisdom to avoid conflict, and resolve differences for many years to come.
Planning for the Family Camp is Complex
But There is Good News
“How To” for Maine Family Camps
A Resource Right Here, in Midcoast Maine
we can help you
Accomplish Your Goals
Funding Your Dream
A great way to ensure the memories continue is to fund your Legacy Property Family Trust. Creating enough working capital as part of your estate plan takes the pressure off your family to sell the family camp and perhaps lose the opportunity to have such a property ever again.
Making it Legal
Camps, beach houses, lake houses, vacation home – whatever your family calls it, how do you plan for it? Which is the best entity? An LLC or Partnership? Should you use a Trust? With Tenants in Common or Joint Tenants, any owner can force the sale! You can guide their decisions about keeping the camp, or selling it, buy outs and add ins, whether kids have to share, or get exclusive time, schedules and upkeep. Our process guides you.
Protect
How do you protect against possible divorce? Or the remarriage of a surviving spouse? With proper planning you can prevent potentially devastating life events from forcing the sale of your Family Camp.
Plan
A plan for your Family Camp that gives creditor protection, divorce, bankruptcy, and Mainecare lien protection. The process lets you select options that fit best with your family customs. Your voice with our legal experience, allows you to easily accomplish your goals.
Give the Gift of Your Wisdom & Guidance
A Legacy Property Family Trust incorporates your voice. While you are here to help guide them your family has shared the Family Camp. When you’re gone, you can continue to help them avoid conflict, resolve disagreements, and use and enjoy the Family Camp together, for generations to come.
What Drives Us
Our Mission
At Penbay Estate Planning Law Center, we are passionate about helping our clients prevent the financial devastation that can happen without proper estate planning. We believe that your Family Camp is something special. It’s worth taking the time to plan for it. What will happen to it, and to your family after you’re gone.
Bayview Financial Advisors
With the right financial advisor, life can be brilliant.
As family-campers ourselves, we know, that the family camp in Maine is not just a piece of property, but a remarkable place, full of family memories and experiences. Most camp owners have difficulty planning how the family camp will be (successfully) handed down from generation to generation. Who will pay the taxes, maintenance, and major improvements? What if one side of the family loses interest? The team at Bayview Financial Management can help plan for this event and discuss solutions to successfully fund this legacy.
Start Planning
Penbay Estate Planning Law Center regularly offers free Workshops. Attend the “Saving the Family Camp” workshop. Or download the Free Planner to get started.
Upcoming Events
learn why leaving property jointly to your kids is the worst thing you can do
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Free Family Camp Estate Planner
How to Make a Family Camp Trust
Penbay Estate Planning Law Center is located in Camden Maine. Estate planning attorney Jesse Bifulco can help you put your voice into a legal estate plan. Make a plan now, that will save the Family Camp for generations.
How to Fund A Family Camp Trust
The team at Bayview Financial Management can help plan for this event and discuss solutions to successfully fund this legacy. Learn how much it will take to fund the Legacy Property Family Trust for months, years or generations.
Saving the Family Camp
Sponsored By
Jesse Bifulco
Jerod Cronkite
Financial Advisor, Bayview Financial
Charles White
Financial Advisor, Bayview Financial
Penbay Estate Planning Law Center
66 Elm Street
Camden ME 04843
207-236-4888
Your Dreams
Why not?
Bayview Financial Advisors
24 Bayview Street Ste 2
Camden, ME 04843-2258
Phone: 207.230.7200