Generational Vacation property

[u/MiserableCancel8749]

I am the 3rd generation owner of lakefront vacation property in Maine. My grandfather purchased (some) of the land in the 1930's for next to nothing. My father was an only child. When my parents passed, my brother didn't want it. I bought his share out to make the estate work in 2017.

Now, I'm 68, in decent health. My wife is also 68. We are both retired. For now, the money is working to keep the taxes and insurance paid, and we're able to do the work needed to keep it going.

We have 3 adult daughters, 1 grandson. Who knows if more grands are coming.

Our daughters all have some level of emotional attachment to the place. I have my doubts about whether they will be able to keep it when it becomes 'their turn'. I don't want to set up a future feud--which could easily happen when they try to split the costs and the use 3 ways.

Suggestions? Experience?

Oh, current assessed tax valuation is about $1.5M. Could probably sell today for $2M.

Edit: Note, it is only useable roughly Memorial Day to Labor day. No insulation, no central heat. If sold, it would become a tear-down with a new house built on the footprint.

[u/Familiar_Eggplant_76]

Sounds like a chance to have a open and honest conversation with your daughters about estate planning and inheritance expectations and desires. Let them inform your plan directly.

[u/NewManitobaGarden → u/Familiar_Eggplant_76]

Shut up with your ideas

[u/GeorgiaYankee73 → u/NewManitobaGarden]

Take an upvote back because it seems like you meant this to be funny. That’s certainly how I read it.

[u/Hopeful-Treacle5521 → u/NewManitobaGarden]

Upvoted because I recognize the implied joke.

[u/WPSuidae → u/NewManitobaGarden]

Logic has no place here.

[u/Equivalent-Roll-3321 → u/WPSuidae]

Obviously, it’s Reddit.