Cool Can You Do A Life Estate For A Vacation Home Ideas. You could establish a life estate deed specifying yourself as the life tenant and your child as the remainderman. A life estate is usually property that has been acquired during the lifetime of a person with his or her ownership only lasting through the time he or she lives.
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You’ll find your vacation home becomes a special place to host loved ones, create traditions and friendships, and gives you a true break from work and the stresses of everyday life. To do this, use the fair market value of the property when you bought it or the assessed real estate tax values. Establish a life estate parents can decide to transfer their vacation home to their children now, but continue to use it until they pass.