Picturing Wealth: Our Dream Vacation Home

Retirement has taken a different meaning for many people of traditional retirement age. Motivated by the idea of spending more time with family and maintaining their career at a part time level allows them to have the best of both worlds. Through much communication and planning with their wealth team, these semi-retired professionals are ready to explore purchasing their dream vacation home in another state.

Consider the case of Dr.’s James and Martha Tinnings. Each of them has been a practicing physician for over 30 years. Both would like to scale back the number of hours they work, but neither of them is quite ready to fully retire. They have always thought about the idea of buying a vacation home for the entire family and working part time gets them much closer to making this dream a reality.

Times like these are critical turning points in the lives of wealthy families. This is one of those times when you may want to have a wealth team to help you pursue your dream. The network of a firm that offers family office services can be a tremendous resource for this family. Considering they will need a realtor, and perhaps an attorney who practices in the state of the vacation home. They will need to consider the cost and the affect to their overall financial plan, so an experienced financial planner will need to run a Capital Sufficiency analysis. Their CPA will need to go over the tax affect of the purchase and impact going forward.

A vacation home can be a most valuable asset to wealthy families. Make sure you surround yourself with an experienced team to help make sure your decision is a blessing and not a burden.

Examples and situations are hypothetical and for illustrative purposes only. 

Getting Started

For many wealthy families, the ability to own a vacation home that can help create a stronger family union and lasting traditions throughout the generations is highly sought after. Such a big decisions often requires the guidance of legal, tax, planning and investment professionals - a few disciplines coordinated, working toward a common goal.

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