Winnipesaukee Forum - View Single Post

Descant · 08-28-2017, 09:06 PM

Too complex for this post, but NH Trust law is on your side. Talk to a NH CPA. Form a NH Trust. Emphasis on "NH".
How to fund the Trust?
Each generation needs to "buy" the camp by adding funds to the corpus as if they were buying the camp. Do it over time like a mortgage. You can't just inherit and think you're home free. You've inherited the right to maintain ownership, not to live there for free.

Summer camp only? Make it year round and rent at super cheap rates from September through June. That can cover the taxes. Island camp? Rent part of the season for big money (July and August), use it in June and September, until your financial position improves, or that of other family members improves.

Back to #1. It can be done, but don't base any decisions or plans on what you know about tax and trust laws from any other state.

08-28-2017, 09:06 PM	#23
Descant Senior Member Join Date: Mar 2006 Location: Merrimack and Welch Island Posts: 4,454 Thanks: 1,374 Thanked 1,651 Times in 1,079 Posts	Keep the family camp in the family? Too complex for this post, but NH Trust law is on your side. Talk to a NH CPA. Form a NH Trust. Emphasis on "NH". How to fund the Trust? Each generation needs to "buy" the camp by adding funds to the corpus as if they were buying the camp. Do it over time like a mortgage. You can't just inherit and think you're home free. You've inherited the right to maintain ownership, not to live there for free. Summer camp only? Make it year round and rent at super cheap rates from September through June. That can cover the taxes. Island camp? Rent part of the season for big money (July and August), use it in June and September, until your financial position improves, or that of other family members improves. Back to #1. It can be done, but don't base any decisions or plans on what you know about tax and trust laws from any other state.