Inheriting a Vacation Home Can Cost You More Than You Think
The Great Wealth Transfer is upon us, but not all inherited assets are created equal. Do you really want your parent’s vacation home?
Over the next few decades, baby boomers will pass down trillions of dollars in assets to their kids and grandkids, in what’s known as the Great Wealth Transfer. That doesn’t just mean primary homes; it also includes vacation houses, beach condos, and rental properties.
On paper, inheriting a second home sounds like winning the family lottery.
But the reality can drain your finances faster than you think. Property taxes, maintenance, insurance, and potential capital gains can turn a “gift” into an unexpected burden.
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