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14 ALI-ABA Est. Plan. Course Materials J. 3 (2008)

handle is hein.ali/aaespl0014 and id is 1 raw text is: ALI-ABA
Estate Planning
course materials journal

volume 14 I number 1 I february 2008

Mark T Carroll, Editor                                   From    NASCAR Condominiums To Private Mausoleums:
Herb Powell, Production and Design                        Keeping The Vacation Home In The Family (With Sample
Joseph Mendicino, Circulation Manager                     Tenancy In Common Agreement)
Kathleen H. Lawner, Advertising Director                  Wendy S. Goffe                                                            5
Stories of family arguments over ownership of a vacation home
abound. Yet, families continue to desire and invest in these
THE AMERICAN LAW INSTITUTE-
AMERICAN BAR ASSOCIATION                                  properties. Few families successfully transfer ownership of a
CONTINUING PROFESSIONAL                                   cabin or vacation property by accident. The legal mechanism
EDUCATION BOARD OF DIRECTORS                              for transferring the property is only the first of many challenges.
Thomas Z. Hayward,Jr., President                          Following the transfer, the next generation must determine
Michael Traynor, Honorary Chair                           how to maintain the property; how to pay taxes, insurance, and
WilliamJ. Neukom, Honorary Chair                          maintenance; and how to divide use of the property among the
Tsan Abrahamson                                           family members. The transfer itself is relatively easy compared to
Brooksley E. Born                                         maintaining harmony among the owners following the transfer.
Bennett Boskey                                            Updated from the ALI-ABA Course of Study, Estate Planning in
Coninne Cooper
Mihae EC    oers                                     Depth, cosponsored by Continuing Legal Education for Wsconsin
Royae A  .   mers                                        (CLEW)K of the Universit of     Wisconsin Law School, Juni 7-22, 2007.
Roy A. Hammer
Lance Liebman
JohnJ. McKetta, II                                        Advanced Generation-Skipping Transfer Tax Issues (Part 2)
Leslie B. Miller                                          Julie K. Kwon                                                             43
M. Peter Moser                                            From   the first introduction of the federal generation-skipping
Bettina B. Plevan                                         transfer (GST) tax, the complexity of the rules governing GST
Maury B. Poscover                                         taxation, allocation of GST exemption, and drafting to make
Alfreda Robinson                                          the most of effective use of GST exemption has ensnared many
BarbaraJ. Rothstein                                       an unwitting practitioner. The promulgation of assorted GST
Henry E WhiteJr.                                         tax provisions in recent years, however, has vastly expanded the
Julene Franki, Executive Director                         options of the taxpayer seeking to implement prudent GST
planning now, remedy past errors, or accommodate changes in
ALI-ABA has a history of outreach to underrepresented
grousBA ths leal    istoryofoutreach toinerrepreseted  circumstances affecting the administration of trusts for the best
groups in the legal community and is firmly committed
to providing a welcoming environment and ensuring that    interests of beneficiaries.
the attorneys who speak and write for our organization    Updatedfrom the ALI-ABA Course of Study, Estate Planning in
represent the increasing diversity of our profession. We
welcome suggestions for new speakers and authors to       Depth, cosponsored by Continuing Legal Educationfor Wisconsin
support the full participation of all of the talent in our  (CLEW)   of the University of  Wisconsin Law School, Junl 7-22, 2007
profession.
To purchase the online version of this issue, go to
www.ali-aba.org and click on Articles and Forms Online!'
Back issues, individual articles, and forms are also available there
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The ALI-ABA Estate Planning Course Materials Journal (ISSN: 1082-8206) is published bimonthly by American Law Institute-American Bar Association Continuing
Professional Education. Publication office: 4025 Chestnut Street, Philadelphia, PA 19104-3099. Editorial telephone--(215) 243-1604; circulation telephone--(215) 243-1644.
Subscription rate: S59 per year. A single issue is $14. Periodicals postage is paid at Philadelphia, PA and at an additional mailing office. POSTMASTER: Send address changes to
ALI-ABA Estate Planning Course MaterialsJou-nal, 4025 Chestnut Street, Philadelphia, PA 19104-3099. © 2008 by The American Law Institute.
visit ALI-ABA's Home Page On the World wide Web at www.ali-aba.org. Need to find out what we've published on important topics in past issues of our magazines? Check out our
articles database at www.ali-aba.org/aliaba/periods.asp
Nothing in this periodical should be considered as the rendering of legal advice. Non-lawyers should seek the advice of a licensed attorney in all legal matters. Readers should assure
themselves that the material in this periodical is still current and applicable at the time it is read. Neither ALI-ABA nor the authors can warrant that the material will continue to be
accurate, nor do they warrant it to be completely free of errors when published. Readers should verify statements before relying on them. The materials in this periodical reflect the
viewpoints of their authors and do not necessarily express the opinions of ALI-ABA Continuing Professional Education or its sponsors.

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