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Hersch, Sanibel Captiva Trust partner on vacation home presentation

By Staff | Apr 18, 2018

PHOTO PROVIDED Attorney Craig R. Hersch presents to attendees at The Community House about the pros and cons of passing on a family vacation home to heirs and how best to move forward.

The Sanibel Captiva Trust Company hosted more than 60 guests for the presentation “Passing the Vacation Home to Your Heirs” on April 11 at The Community House on Sanibel.

Guest presenter Craig R. Hersch, attorney and partner with the firm Sheppard, Brett, Stewart, Hersch, Kinsey and Hill, spoke as part of the annual WOWPlus Series. Robin L. Cook and Steven Greenstein, executive vice presidents and wealth advisors for the Sanibel Captiva Trust Company, provided real-life scenarios of the family dynamics involved in acquiring or liquidating a family vacation home.

Some highlights included the first step in the process, which is determining if it makes financial sense to keep a home in the family before leaving the legacy to heirs. Liquidating a second home has become a necessity for some parents who are living off their assets and need them to generate a return. When in doubt, parents should take care of their own financial needs first.

The next step is confirming if the children actually want the home and will equally share the use and enjoyment of the property. If multiple children are involved, can they all manage the expenses of insurance, upkeep and taxes? Some children may prefer or even need a liquid inheritance.

For those who have multiple heirs and decide to pass along the home, consider placing it into a limited liability company, family partnership or trust and appointing an independent trustee to be responsible for making all decisions. It may help alleviate some of the tensions that can be caused by direct ownership and keep the happy memories that you all enjoyed as a family intact for the next generation.

PHOTO PROVIDED From left, Steven Greenstein and Robin L. Cook, executive vice presidents and wealth advisors for the Sanibel Captiva Trust Company, with attorney Craig R. Hersch, of Sheppard, Brett, Stewart, Hersch, Kinsey and Hill.

For more information, contact the Sanibel Captiva Trust Company at 239-472-8300 or visit www.sancaptrustco.com. For more information from Hersch, contact the firm at 239-334-1141.