Memorial Day Weekend '25

[WinnisquamZ]

Well said by the both of you. It is a worry many of us have. My solution would be to offer it to the child that enjoyed it most. That will maintain the place and cherish it as we have. Oh course it won’t be fair. When is life always fair? The others would bitch, but you accomplish what was intended all along for another generation.


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[TiltonBB]

Originally Posted by WinnisquamZ

Well said by the both of you. It is a worry many of us have. My solution would be to offer it to the child that enjoyed it most. That will maintain the place and cherish it as we have. Oh course it won’t be fair. When is life always fair? The others would bitch, but you accomplish what was intended all along for another generation.
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I will respectfully disagree. My goal would be harmony and hoping the next generation gets along well and the successful social interaction of family members continues. That would be more important than who gets the camp.
Taking care of one child to the detriment of the others is a recipe for jealousy and infighting. Leaving with the message that life is not fair and I don't care if you bitch is a poor legacy for a parent.

[Winilyme]

Originally Posted by TiltonBB

I will respectfully disagree. My goal would be harmony and hoping the next generation gets along well and the successful social interaction of family members continues. That would be more important than who gets the camp.
Taking care of one child to the detriment of the others is a recipe for jealousy and infighting. Leaving with the message that life is not fair and I don't care if you bitch is a poor legacy for a parent.

Agreed. As one of three children, all of whom love each other and get along great, despite having different interests, I’d be horrified if I inherited a camp at the expense of my sister and brother. To the point that I’d immediately look at options to undue that decision and ensure equal distribution to all three of us.

Every family dynamic is different and requires carefully considered strategies.

[FlyingScot]

Man plans, God laughs

(Of course, I'm still doing all I can to figure out how to plan for the kids having the house and nobody fighting over it 75 years from now...)

[Sue Doe-Nym]

For many, the problem would be helped if Congress raised the capital gains exemption on primary residences from $500k to $1000000. That hasn’t been raised since its implementation in the mid to late ‘90s. It would certainly remove that obstacle for lots of fence sitters….but in my case, I would prefer letting our current family members live it up here for many years!
There have been many thoughtful comments here on the subject.

[ishoot308]

I plan on dying broke. Have lots of fun along the way and leave nothing but a pretty corpse!

Dan

[thinkxingu]

Originally Posted by ishoot308

I plan on dying broke. Have lots of fun along the way and leave nothing but a pretty corpse!

Dan

1. If you keep on eating at the Alamo and Traveling Texas Smokehouse, you'll have no choice but to end broke!

2. You'll be a BEAUTIFUL corpse—don't sell yourself short, handsome.

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[John Mercier]

Originally Posted by Sue Doe-Nym

For many, the problem would be helped if Congress raised the capital gains exemption on primary residences from $500k to $1000000. That hasn’t been raised since its implementation in the mid to late ‘90s. It would certainly remove that obstacle for lots of fence sitters….but in my case, I would prefer letting our current family members live it up here for many years!
There have been many thoughtful comments here on the subject.

I was under the impression that was used when we are alive.
That when we died everything fell under the estate inheritance taxes.

[Sue Doe-Nym]

Originally Posted by John Mercier

I was under the impression that was used when we are alive.
That when we died everything fell under the estate inheritance taxes.

That’s true, John. My point was that some people might favor selling their principal residence while they are still alive, but are unwilling to face the capital gains tax, which could be pretty high, given the huge increase in property values over the years. Maybe I didn’t make that clear enough.

[John Mercier]

I wonder if we sold property to an LLC/Trust wait two/three years, and purchased back again and again if we could lock in the gains without incurring the tax?