The word “camp” has a meaning of its very own in Maine. You will hear the term used to describe everything from a modest cabin nestled deep in the woods to a sprawling waterfront compound, but the trait most camps have in common is that they are gathering places – where cherished memories are made and traditions are passed down from one generation to the next.
Yet, as families expand, too often their shared use of vacation properties becomes unwieldy and unworkable. Indeed, if you own or have an interest in a second home, and you wish to mitigate family conflict, provide a means for funding maintenance and capital improvements, and protect the property from potential creditors or a forced sale, you and your family may want to consider establishing a specific plan for the management and use of the property.
In our latest planning note, we discuss some of the key considerations to keep in mind.
