Vacation Area Homes: Tax and Management Issues – Begley Report

By: Thomas D. Begley, Jr., Esquire, CELA CASE STUDY 1:  VACATION HOME—NO ESTATE PLAN Harry and Sally own a vacation home on a barrier island.  They purchased the home many years ago for $50,000, and it is now worth $1 million.  Harry and Sally have two children and five grandchildren.  The children visit the vacation…