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  ALI-ABA Estate Planning Course Materials Journal
  Volume 14, Number 1, February 2008
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  • From NASCAR Condominiums To Private Mausoleums: Keeping The Vacation Home In The Family (With Sample Tenancy In Common Agreement)
        Wendy S. Goffe
        p.5                                                                                          +cite        
        Stories of family arguments over ownership of a vacation home abound. Yet, families continue to desire and invest in these properties. Few families successfully transfer ownership of a cabin or vacation property by accident. The legal mechanism for transferring the property is only the first of many challenges. Following the transfer, the next generation must determine how to maintain the property; how to pay taxes, insurance, and maintenance; and how to divide use of the property among the family members. The transfer itself is relatively easy compared to maintaining harmony among the owners following the transfer.
  • Advanced Generation-Skipping Transfer Tax Issues (Part 2)
        Julie K. Kwon
        p.43                                                                                        +cite        
        From the first introduction of the federal generation-skipping transfer ("GST") tax, the complexity of the rules governing GST taxation, allocation of GST exemption, and drafting to make the most of effective use of GST exemption has ensnared many an unwitting practitioner. The promulgation of assorted GST tax provisions in recent years, however, has vastly expanded the options of the taxpayer seeking to implement prudent GST planning now, remedy past errors, or accommodate changes in circumstances affecting the administration of trusts for the best interests of beneficiaries.