A tale of three families - passing on a treasured home to the next generation
The International Family Offices Journal
Vol. 5 - Iss. 2 pp. 12–15
A great planning piece by Daniel FitzPatrick (United States) who tackles the perennial global conundrum of how to pass on a special family estate or compound. With wide experience which includes heading a global trust company, Dan has seen what works and what doesn't. In this article, he looks at three cases of passing on the family special property. In ?A tale of three families - passing on a treasured home to the next generation? Dan offers three real-life examples of the intergenerational transfer of unique properties; the first highlights some of the perils of common ownership, and the other two explore how the use of a corporate entity - in this case the limited liability company - can help avoid those difficulties. This information will prove helpful in the difficult task of passing on special family properties in a way that limits the inevitable family conflict.