A family LLC holds title to the vacation home, and family members hold ownership interests instead of having direct ownership. The operating agreement defines management roles, restricts transfers to keep the property in the family, and establishes rules for use and upkeep. The LLC provides liability protection, especially when the property is rented to third parties. Parents can gift ownership interests over time to transfer ownership while retaining management control.
We exist so you don’t have to worry about money. For more than 40 years, we’ve taken the sophisticated, time-tested approach that many ultra-high net worth individuals use to help manage their financial lives and made it accessible to more families.
